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From Isaac Anumihe, Abuja
National Bureau of Statistics (NBS) yesterday, disclosed that the nation’s Gross Domestic Product (GDP) in 2022 fell to 3.10 per cent from the 3.40 per cent reported in 2021.
It said also that the performance of agriculture and industry declined in 2022 relative to 2021, while the performance of the services sector improved in 2022.
According to the bureau, the GDP performance in the fourth quarter of 2022 was driven mainly by the services sector, which recorded a growth of 5.69 per cent and contributed 56.3 per cent to the aggregate GDP.
Meanwhile, the agriculture sector grew by 2.05 per cent in the fourth quarter as its performance was significantly hampered by severe incidences of flood experienced across the country, accounting for lesser growth relative to the fourth quarter of 2021 which stood at 3.58 per cent.
However, the industry sector was equally challenged, recording -0.94 per cent growth and contributing less to the aggregate GDP relative to the third quarter of 2022 and the fourth quarter of 2021.
“Overall, the annual GDP growth rate in 2022 stood at 3.10 per cent, from the 3.40 per cent reported in 2021.
“Thus, the performance of agriculture and industry reduced in 2022 relative to 2021, while the performance of the services sector improved in 2022,” the statistics agency, explained, adding that in the quarter under review, aggregate GDP stood at N56.7 trillion in nominal terms.
Agricultural sector in the third quarter of 2022 grew by 1.34 per cent (year-on-year) in real terms, an increase of 0.12 per cent points from the corresponding period of 2021, and an increase of 0.14 per cent points from the preceding quarter which recorded a growth rate of 1.20 per cent . It grew on a quarter-on-quarter basis at 40.02 per cent.
“However, the sector contributed 29.67 per cent to overall GDP in real terms in Q3 2022, lower than the contribution in the third quarter of 2021 and higher than the second quarter of 2022 which stood at 29.94 per cent and 23.24 per cent respectively.
“The manufacturing sector is comprised of 13 activities: Oil refining, cement, food, beverages and tobacco; textile, apparel, and footwear, wood and wood products; pulp paper and paper products; chemical and pharmaceutical products; non-metallic products, plastic and rubber products; electrical and electronic; basic metal and iron and steel; motor vehicles and assembly; and other manufacturing.
