The National Bureau of Statistics (NBS) said that Nigeria’s real Gross Domestic Products (GDP) in the third quarter of 2021, grew by 4.03 per cent on a year-on-year basis showing a steady improvement from the economic downturn in 2020.
According to a statement published by the Bureau on its website, the growth, however, improved further in the fourth quarter of 2021 with a positive GDP growth rate of 3.98 per cent.
The statement recalled that the negative quarterly growths in Q2 and Q3 2020 resulted in a recession, which led to a negative annual growth rate of -1.92 per cent for 2020, compared to 2.27 per cent in 2019 on a year-on-year basis.
“Annual growth of 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, respectively” NBS said.
The report stated that household consumption expenditure, in Q3 and Q4 2021 grew by 19.36 per cent and 7.30 per cent in real terms, year on year. For 2021, the annual growth rate in real household consumption expenditure stood at 25.65 per cent compared to -1.69 per cent in 2020.
Similarly, Government Consumption Expenditure recorded growth rates of -39.51 per cent and -16.76 per cent in Q3 and Q4 2021 respectively, year on year, while annual growth rate stood at -34.03 per cent in 2021 compared to 61.58 per cent in 2020.
“Net exports recorded positive growth rates in the first two quarters of 2020 and shifted to negative growth rates in third and fourth quarters of 2020 as well as the first three quarters of 2021, a departure from the trend in 2019. Net exports grew in real terms in Q3 and Q4 2021 by -38.27 per cent and 1.35 per cent respectively. On an annual basis, net exports grew by -55.77 per cent in 2021 compared to -13.17 per cent recorded in 2020.
“National Disposable Income grew by -1.48 per cent in the third quarter of 2021 and 2.84 per cent in the fourth quarter 2021, but recorded growth of 0.32 per cent and -1.28 per cent in Q3 and Q4 of 2020 on a year-on-year basis in real terms, giving a slower growth rate of -2.52 per cent for annual figure in 2021 compared to a positive growth rate in end 2020 (1.07 per cent).
“Compensation of Employees, during the third and fourth quarters of 2021 grew by 14.54 per cent and 11.79 per cent respectively in real terms on year-on-year basis. For 2021, growth rate stood at 13.68 per cent compared to 0.96 per cent 2020” the statement further explained.