Is Nigeria on the mend with GDP at 3.1%?<\/em><\/strong><\/p>\nIn line with analysts\u2019 expectations, Nigeria\u2019s economy grew by 3.1% in 2022. The IMF had forecast a growth rate of 3.2%, while FDC projected a growth of 3.01%. Interestingly, at 3%, GDP outpaced the\u00a0population growth rate of 2.6%, suggesting a possible increase in GDP per capita in the near term.<\/p>\n
Quarterly, the real GDP increased by 3.52% in Q4\u201922, up from 2.25% in Q3\u201922. The uptick in Q4 was spurred by the typical festive season increase in economic activities and an expansion in the service sector to 5.69%, contributing 56.27% to the aggregate GDP.<\/p>\n
Of the 46 activities tracked by the NBS, 17 expanded, 11 contracted, and 18 slowed compared to 26, 10, and 10, respectively, in Q3\u201922.<\/p>\n
Noteworthy is that compared to previous quarters, the sectors which expanded in Q4\u201922 are job elastic, indicating a possible rise in employment opportunities in the coming quarters, barring any post-election upheaval. For example, the manufacturing sector grew by 2.28%, higher than the previous quarter by 4.74%.<\/p>\n
Ultimately, the slowdown in GDP growth relative to 2021 and the recent upsurge in inflation (21.8%) will be the main considerations at the next MPC meeting in March 2023.<\/p>\n
In the download, the FDC Think-Tank breaks down the GDP numbers for Q4\u201922, analyzing its implications on your business, wallets, and the overall economy.<\/p>\n
Enjoy your read \u2026[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"
[vc_row][vc_column][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Dear Subscriber, Is Nigeria on the mend with GDP at 3.1%? In line with analysts\u2019 expectations, Nigeria\u2019s economy grew by…<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,35],"tags":[],"_links":{"self":[{"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/posts\/120636"}],"collection":[{"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/comments?post=120636"}],"version-history":[{"count":3,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/posts\/120636\/revisions"}],"predecessor-version":[{"id":120639,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/posts\/120636\/revisions\/120639"}],"wp:attachment":[{"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/media?parent=120636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/categories?post=120636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/tags?post=120636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}