Nigerian Bureau Of Statistics – Quarterly Gdp Report Q1 2012.

Nigerian Bureau Of Statistics – Quarterly Gdp Report Q1 2012.

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Summary

The Nigerian economy when measured by the Real Gross Domestic Product (GDP) on an aggregate basis, grew by 6.17 percent in the first quarter of 2012 as against 7.13 percent in the corresponding quarter of 2011.The first quarter of 2012 witnessed a decline in economic activity due largely to the partial removal of subsidy on petrol, the subsequent civil protest and weaker consumer demand following the higher price levels across major segments of the economy. The estimated crude oil and condensates production decreased in the first quarter of 2012 when compared with the level produced within the corresponding quarter of 2011. he Non-oil sector continued to be a major driver of the economy in the first quarter of 2012 despite its decline when compared with the corresponding quarter in 2011. The sector recorded 7.93 percent growth in real terms in the first quarter of 2012 compared with 8.73 percent at the corresponding period in 2011. The 0.8 percentage point decrease in growth was as a result of decrease in some of the non oil sectors such as manufacturing , wholesale and retail trade, etc.

Source: Nigerian Bureau Of Statistics

Published: 2012

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