Nigeria’s GDP records 2.01pc growth in Q1

21st May, 2019 11:30:10 printer

ABUJA: Nigeria’s Gross Domestic Product (GDP) grew by 2.01 percent year-on-year in real terms in the first quarter (Q1) of 2019, according to official data released on Monday.

The latest growth rate is 0.12 percent higher than the growth rate of 1.89 percent recorded in Q1 2018, the National Bureau of Statistics (NBS) said, reports Xinhua.

It said the strong performance recorded in Q1 may be due to the country’s general elections held within the period.

The nominal GDP growth rate in the first quarter was also higher than the rate recorded in the first quarter of 2018 by 2.54 percent points, the NBS figures showed. Nigeria’s economy is mainly classified into the oil and non-oil sectors.