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Financial News: Nigeria Economic Growth Slows For Second Consecutive Quart

Nigeria Economic Growth Slows For Second Consecutive Quarter

09/03/2019 - 10:32:00 (RTTNews)

(RTTNews) - Nigeria's economic growth slowed for a second quarter in a row in the three months to June, figures from the National Bureau of Statistics showed on Tuesday.

Gross domestic product grew 1.94 percent year-on-year after a 2.10 percent increase in the first quarter, which was revised from 2.01 percent due to oil output revisions. In the fourth quarter of 2018, the economy grew 2.38 percent.

Stability in oil output as well as the successful political transition supported second quarter growth, the agency said.

The oil sector grew 5.15 percent year-on-year in the second quarter after a revised 6.61 percent expansion in the previous three months. The sector's contribution to total real GDP eased to 8.82 percent.

The non-oil sector growth slowed to 1.64 percent in the second quarter, but the contribution to GDP rose to 91.18 percent from 90.78 percent in the previous quarter.

In the first half of 2019, the economy grew 2.02 percent versus 1.69 percent in the same period last year.

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