From Isaac Anumihe, Abuja
National Bureau of Statistics (NBS), yesterday disclosed that in the third quarter of 2022, Nigeria’s real Gross Domestic Products (GDP) at basic prices grew by 2.25 per cent on a year-on-year basis, showing a lower growth rate compared to the corresponding quarter of 2021.
This was revealed in a publication on Quarterly Gross Domestic Product (QGDP) on the bureau’s website.
The publication provides estimates using the expenditure and income approach for the four quarters of 2021 and annual 2021 as well as four quarters of 2022.
It said that the growth of the Q4 of 2022 GDP remained positive at 3.52 per cent, though lower compared to the Q4 of 2021 (3.98 per cent). However, relative to Q3 and Q4 of 2021, the performances in 2022 indicate a decrease of 1.78 per cent points in the Q3 of 2022 growth rate and a fall of 0.47 per cent points in Q4 of 2022. Annual growth in 2022 was 3.10 per cent compared to 3.40 per cent recorded in 2021.
On household consumption expenditure in Q3 and Q4 of 2022, NBS reported a growth by -5.83 per cent and -12.47 per cent in real terms, year-on-year. The growth rates in Q3 and Q4 of 2022, it said, were lower than the rates recorded in Q3 and Q4 of 2021. The annual growth rate in 2022 stood at -4.07 per cent compared to 25.65 per cent in 2021.
Government consumption expenditure recorded growth rates of -9.38 per cent and -13.77 per cent in Q3 and Q4 of 2022 respectively, on a year-on-year basis, higher, compared to -39.51 per cent and -16.76 per cent in Q3 and Q4 of 2021.
Overall, government consumption expenditure grew by -9.91 per cent in 2022.
Net exports, according to the bureau, recorded a growth rate since Q2 of 2022, a departure from a negative growth rate in the first quarter of 2022.
“Net exports grew in real terms in Q3 and Q4 2022 by 74.11 per cent and 161.66 per cent respectively. These rates were higher than -38.27 per cent and 1.35 per cent recorded in Q3, and Q4 of 2021 respectively. On an annual basis, the growth rate of net exports in 2022 stood at 84.39 per cent relative to -55.77 per cent in 2021” it said, adding that the National Disposable Income grew by 1.08 per cent and 4.98 per cent in Q3 and Q4 of 2022 respectively, but recorded growth of -1.46 per cent and 2.76 per cent in Q3 and Q4 of 2021 respectively on a year-on-year basis in real terms.
The growth of National Disposable Income became positive since Q4 of 2021, showing a better performance in Q3 and Q4 of 2022 relative to Q3 and Q4 of 2021. However, the annual growth rate in 2022 stood at 2.45 per cent relative to -2.54 per cent in 2021.
Concerning Compensation of Employees in the Q3 and Q4 of 2022, NBS said it grew by 4.28 per cent, and 3.28 per cent respectively in real terms on a year-on-year basis. These growth rates, it noted, were lower than the 14.54 per cent and 11.79 per cent recorded in Q3 and Q4 of 2021 respectively. The annual growth rate in 2022 stood at 4.41 per cent relative to 13.68 per cent in 2021.