In the first and second quarters of 2023, Nigeria’s real Gross Domestic Product (GDP) increased by 2.31 and 2.51%, respectively, at base prices.
This was revealed on Thursday in the Nigerian Gross Domestic Product Report (Expenditure and Income Approach) (Q1, Q2 2023) by the National Bureau of Statistics, NBS.
In contrast to the 3.11 percent growth rate recorded in the same quarter of 2022, the number indicated a lower growth rate.
Furthermore, when comparing the review period with the first and second quarters of 2022, the 2023 results show a 0.80% drop in the growth rate in the first quarter of 2023 and a 1.03 percent drop in the second quarter of 2023.
As a result, the research notes that household consumption spending increased year over year in Q1 and Q2 of 2023 by -24.95 percent and 3.30 percent, respectively, in real terms. Compared to Q1 of 2022 and Q2 of 2022, the growth rates in Q1 and Q2 of 2023 were lower and greater, respectively.
Household consumption spending increased by -24.95 percent and 3.30 percent, respectively, year over year in Q1 and Q2 of 2023. Compared to Q1 of 2022 and Q2 of 2022, the growth rates in Q1 and Q2 of 2023 were lower and greater, respectively.
Government Consumption Expenditure grew at a faster annual rate in Q1 and Q2 of 2023 (17.83 percent and 5.79 percent, respectively), than in Q1 and Q2 of 2022 (-9.91 percent and -6.23 percent).
The country is experiencing severe economic suffering as a result of the report’s high inflation rate, which was 27.33 percent in October 2023.
