Nigeria’s Gross Domestic Product (GDP) growth rate in the second quarter of 2023 has slowed to 2.51% compared to 3.54% in the same period in 2022, reflecting a decline in economic performance.
- The challenging economic conditions in Nigeria are believed to be the primary factor contributing to the slowdown in GDP growth.
- The Services sector was the main driver of GDP growth in the second quarter of 2023, expanding by 4.42% and contributing 58.42% to the overall GDP. The agriculture sector also saw improvement, with a growth rate of 1.50% compared to 1.20% in the second quarter of 2022.
- However, the industry sector experienced a decline in growth, with a rate of -1.94% in the second quarter of 2023, compared to -2.30% in the same period the previous year. Both agriculture and the industry sectors contributed less to the overall GDP compared to the second quarter of 2022.
- In nominal terms, the aggregate GDP for the second quarter of 2023 stood at N52.1tn, indicating a year-on-year nominal growth of 15.77% when compared to the aggregate GDP of N45tn recorded in the second quarter of 2022.