The National Bureau of Statistics has released its Second Quarter of 2015 Gross Domestic Product Data saying it grew by 2.35% (year-on-year) in real terms.
This was lower by 1.61% points from growth recorded in the preceding quarter and also lower by 4.19% points from growth recorded in the corresponding quarter of 2014.
Quarter on quarter, real GDP increased by 2.57% During the quarter, aggregate GDP stood at N22,859,153.01million (in nominal terms) at basic prices.
Compared to the Second Quarter 2014 value of N21,734,829.86 million, nominal GDP was 5.17% higher.
Nominal GDP growth was also higher relative to growth recorded in Q1 2015 by 0.85% points.
According to the Bureau, real growth of the oil sector slowed by 6.79% (year-on-year) in Q2 2015. This represents a decline relative to growth recorded in Q2 2014 (5.14% ).
Growth was however relatively better by 1.35% points relative to growth in Q1 of 2015. Quarter-on-Quarter, growth also slowed by 3.82.
As a share of the economy, the Oil sector represented 9.80% of total real GDP, down from the shares recorded in the corresponding period of 2014 and the share in Q1 2015 by 0.96% points and 0.65% points respectively.
The report blamed this on lower oil production, which stood at 2.05 million barrels per day (mbpd) 5.9% lower from production in Q1 of 2015. Oil production was also lower relative to the corresponding quarter in 2014 by 7.3% when output was recorded at 2.21mbpd
Growth in the Non-oil sector was largely driven by the activities of Trade, Crop Production, Construction and Telecommunications.
The non-oil sector grew by 3.46% in real terms in Q2 of 2015. This was 2.13% points lower from Q1 2015 and 3.26% points lower from the corresponding quarter in 2014. In real terms, the Non-Oil sector contributed 90.20% to the nation’s GDP, marginally higher from shares recorded in Q1 2015 (89.55%) and Q2 2014 (89.24%).