The Nigerian Gross Domestic Product (GDP) recorded 0.11 per cent growth in fourth quarter (Q4) of 2020.
The National Bureau of Statistics (NBS) made this disclosure on Wednesday in its report titled “Nigerian Gross Domestic Product Report (Expenditure and Income Approach) (Q1,Q2,Q3,& Q4 2020)”.
The document obtained by The Nation in Abuja said: “In the fourth quarter of 2020 however, growth turned positive, recording 0.11 per cent in Q4 year on year.
”Nevertheless, the negative quarterly growth rates recorded in Q2 and Q3 2020 resulted in annual growth rate of -1.92 per cent for 2020, compared to 2.27 per cent recorded in 2019″.
The report recalled in the third quarter of 2020, Nigeria’s real GDP at basic prices grew by -3.62 per cent on a year on year basis, marking a second consecutive quarter of negative real GDP growth after -6.10 per cent recorded in the second quarter (Q2).
NBS added that compared to the third and fourth quarters of 2019, the growth performance in 2020 was slower by terms, year on year. For 2020, the annual growth rate in real household consumption expenditure growth rates at 99.18 per cent and 12.13 per cent in Q3 and Q4 2020 respectively, year on year, while annual growth rate stood at 61.58 per cent in 2020 compared to 8.78 per cent in 2019.
Continuing, the bureau said Net Exports recorded positive growth rates in the first two quarters of 2020 but turned negative in the third and fourth quarters of 2020.
It also noted that Net exports grew in real terms in Q3 and Q4 2020 by –
52.39 per cent and -72.61 per cent respectively.
NBS said as a result, on an annual basis, net exports recorded a growth rate of -29.55 per cent in 2020 compared to 7.64 per cent recorded in 2019 -5.90 per cent points and -2.44 per cent points respectively.
The data revealed that the National Disposable Income grew by 4.44 per cent in the third quarter of 2020 and 3.13 per cent in the fourth quarter of 2020.
