INFOGRAPHICS: How GDP Rose In Three Months

The National Bureau of Statistics in its GDP Report for the second quarter of 2021 published that Nigeria’s Gross Domestic Product grew by 5.01 percent in the three month.

According to the report, the 5.01 percent marks three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020.

The Q2 2021 growth rate was higher than the -6.10 per cent growth rate recorded in Q2 2020 and the 0.51 per cent recorded in Q1 2021 year on year.

Twentyten Daily series of visualization compares the growth of GDP between the first quarter and second quarter.

The real GDP grew 2.70 percent in 2021 compared to -2.18 percent for the first half of 2020.

Also, GDP stood at N39.12trn in nominal terms, higher than the second quarter of 2020 with aggregate GDP of N34.02trn, indicating a year on year nominal growth rate of 14.99 per cent.

Also, for the second quarter, the oil sector contributed 7.4 percent to the GDP growth while non oil sector contributed 92.6 percent.

However, the report stated that steady recovery observed since the end of 2020, with the gradual return of commercial activity as well as local and international travel, accounted for the significant increase in growth performance relative to the second quarter of 2020 when nationwide restrictions took effect.

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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