Nigeria recorded 1.92 percent GDP growth in Q4 2017 - NBS

"Foreign Direct Investment recorded $378.4 million in quarter 4, which is a year on year increase of 9.8%, while Other Investment recorded $1,526.9, growing by 66% when compared to quarter 4 of 2016".

The Commerce Department on Wednesday revised downward the USA gross domestic product for the fourth quarter of 2017 - to a 2.5 percent annual rate.

As growth of imports outpaced that of output, the resulting trade deficit sliced off 1.13 percentage points from GDP growth rate, said the department.

This is higher by 1.78% point compared to the rate recorded same quarter, 2016 and 2.21% point higher than in the third quarter of 2017.

The NBS report added that the economy in the fourth quarter recorded aggregate GDP of N31.2tn in nominal terms, which was higher when compared to N29.16tn in the corresponding fourth quarter of 2016.

"Nominally, 2017 recorded an annual growth rate of 12.05 percent higher by 4.25 percentage point compared to 2016 annual growth of 7.80 percent", NBS stated.

The non-oil sector recorded an annual growth of 0.47 percent compared to -0.22 percent in 2016.

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Also speaking to Daily Trust, an economist, and the Managing Director of Bristil Investment Limited, expressed satisfaction with the growth in GDP rate in the fourth quarter of 2017.

According to the report, the annual growth of the oil sector stood at 4.79 percent higher than the previous year's growth of -14.45 percent.

Commenting on the development, Lukman Otunuga, a Research Analyst at FXTM, said investor sentiment over the Nigerian economy was uplifted with the official reports as it showed that the nation bounced back to life in 2017, after experiencing its first recession in over 25 years.

Consumer spending, which accounts for more than two-thirds of US economic output, grew 3.8 percent, the fastest pace since the fourth quarter of 2014.

The figures are edging closer to the country's 2018 budget target. The Services sector, which is about 53% of GDP, returned to positive growth in Q4 2017. The sector's annual contribution was 8.68 percent in 2017 and 8.35 percent in 2016. Annual contribution was 91.32 per cent and 91.65 per cent in 2016.

Oil production averaged at 1.91million barrels per day (mbpd), -0.12million barrels lower than the daily average production recorded in the third quarter of 2017.

Dr. Olasode however warned that Nigeria should not focus on the short term growth but look more towards the long term growth.

(Copyright © 2015. All Rights Reserved.)
 
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