Nigeria’s Overall GDP Stronger in Q3:2017 but Real Estate and Construction Continue to Decline – Real Estate Market Data and Research for Nigeria and other African Countries | estate intel

Nigeria’s Overall GDP Stronger in Q3:2017 but Real Estate and Construction Continue to Decline

July 2017. Development: The Azuri Peninsula, Eko Atlantic - Lagos. Image Source: Hakon - Skyscrapercity

July 2017. Development: The Azuri Peninsula, Eko Atlantic - Lagos. Image Source: Hakon - Skyscrapercity

Nigeria’s Gross Domestic Product (GDP) grew by 1.40% in Q3:2017 (year-on-year) in real terms according to data published by the Nigerian Bureau of Statistics. This stands as the second consecutive positive growth since the emergence of the economy from recession in Q2 2017, where GDP grew 0.77% (revised).

Unfortunately, growth in the construction and real estate service sector have sustained declines. The real growth rate of the construction sector in the Q3:2017 was recorded at -0.46% (year on year), higher by 5.67% points from the rate recorded a year previous, but -0.59% points lower than the preceding quarter.

In the real estate service sector, which tracks the sum of fees for services rendered through data retrieved from tax authorities, real GDP growth recorded in the sector during Q3:2017 was -4.12%, also lower by -0.59% points relative to Q2:2017.