Nigeria’s Gross Domestic Product (GDP) grew by 5.01% (year-on-year) in real terms in the second quarter of 2021, the National Bureau of Statistics, (NBS), has said.
The NBS disclosed this in the latest report on the nation’s GDP entitled: Nigerian Gross Domestic Product Report (Q2 2021) released on Thursday.
It explained that the increase in the GDP index marked three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020.
“Year to date, real GDP grew 2.70% in 2021 compared to -2.18% for the first half of 2020.”
But the real GDP (quarter-on-quarter) grew at -0.79% in Q2 2021 compared to Q1 2021, indicating slightly slower economic activity than the preceding quarter due largely to seasonality.
In the quarter under review, the NBS revealed that the aggregate GDP stood at N39,123,713.32 million in nominal terms – higher than the second quarter of 2020 with aggregate GDP of N34,023,197.60 million, indicating a year-on-year nominal growth rate of 14.99%.
It added that the nominal GDP growth rate in Q2 2021 was higher than -2.80% growth recorded in the second quarter of 2020 when economic activities slowed sharply at the outset of the pandemic.
“The Q2 2021 nominal growth rate was also higher than 12.25% growth recorded in Q1 2021”, the agency said.