National Bureau of Statistics (NBS) yesterday said that Nigeria’s real Gross Domestic Products (GDP) in the third quarter of 2021 grew by 4.03 per cent year-on-year, showing a steady improvement from the economic downturn in 2020.
According to a statement published by the bureau in its website, the growth, however, improved further in the fourth quarter of 2021 with 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.
Meanwhile, 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.