The nominal Gross Domestic Product (GDP) for 2012 was estimated at N40.5 billion as against N37.4 billion recorded in 2011, a report by the National Bureau of Statistics (NBS) has said.
he report was issued by the Statistician General of the NBS, Dr Oyeyemi Kale.The report said that the GDP current basic price for the first quarter of 2012 stood at N9.1 billion as against N8.5 billion recorded in 2011.
“The GDP for the second quarter of 2012 was estimated at N9.8 billion as against N9.4 billion recorded in 2011 while the third quarter GDP in 2012 was N10.9 billion as against N9.8 billion recorded in 2011. The fourth quarter figure stood at N10.5 billion in 2012 as against N9.5 billion recorded in 2011.”
The statistician-general said that the contribution of crude oil and natural gas sector to the economy in 2012 was estimated at N15 billion as against N15.2 billion recorded in 2011.
The report said that crop production stood at N11.9 billion in 2012, as against N10.3 billion recorded in 2011, adding that wholesale and retail contributed N6.2 billion in 2012 as against N5.3 billion recorded in 2011.
“On an aggregate basis, the economy when measured by the Real Gross Domestic Product grew by 6.99 per cent in the fourth quarter of 2012 as against 7.76 per cent in the corresponding quarter of 2011. This was also slightly lower than the initial forecast for the fourth quarter of 2012 at 7.09 per cent.
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