The National Bureau of Statistics (NBS) says Nigeria’s Gross Domestic Product (GDP) increased by 4.03 percent in the third quarter of last year according to its report on Nigerian Gross Domestic Product Report (Expenditure and Income Approach) for the third and fourth quarter (Q3, Q4 2021).
In the third quarter of last year, the report said, Nigeria’s real GDP at basic prices grew by 4.03 percent on a year-on-year basis showing a steady improvement from the economic downturn in 2020.
The NBS said growth improved further in Q4 of 2021 with a positive GDP growth rate of 3.98 percent.
“The negative quarterly growths in Q2 and Q3 2020 resulted in a recession, which led to a negative annual growth rate of -1.92 percent for 2020, compared to 2.27 percent in 2019 on a year-on-year basis.
“Annual growth in 2021 stood at 3.40 per cent, an improvement of 2020. Compared to the third and fourth quarters of 2020, the performance in 2021 indicated an increase of 7.65 per cent points and 3.87 per cent points higher,” NBS said in the report.
The report said Household Consumption Expenditure in Q3 and Q4 2021 grew by 19.36 percent and 7.30 percent in real terms, year-on-year.
For 2021, the yearly growth rate in real household consumption expenditure stood at 25.65 percent compared to -1.69 percent recorded in 2020.
“The observed trend in 2020 indicates that real household consumption expenditure declined in Q1 and Q2, accounting for negative growth rates informed by the COVID 19 pandemic.
“However, positive growth rates were recorded in Q3 and Q4 of 2020 as well as the four quarters of 2021,” NBS said in the report.
Household consumption expenditure consists of expenditure incurred by resident households on individual goods and services, including imputed expenditure.