Wholesale, retail trade sector records 9.08% growth in Q3
The wholesale and retail trade sub-sector of the economy grew by 9.08 per cent in the third quarter of the current year, according to the latest GDP report published by the National Bureau of Statistics (NBS).
This is up from the 7.44 per cent growth rate of the preceding quarter, making it the second largest contributor to the nation's Gross Domestic Product, GDP, in the non-oil sector in the three-month period ended September 30.
The third quarter growth rate was however lower than the rate of 9.62 per cent recorded in the corresponding period of 2012.
The growth recorded by the wholesale and retail trade sector was attributed to increase in demand by consumers based on expectations for the festive activities in the fourth quarter.
The NBS reported: 'Growth in the Wholesale & Retail Trade Sector stood at 9.08 percent in the third quarter of 2013, compared to 9.62 percent recorded in the second quarter of 2012. Growth was however higher when compared to the second quarter of 2013 which was recorded at 7.44 per cent. The sector however remains the second largest contributor to GDP, after agriculture.
'While agricultural output, a key input in the sector has aided production, intermittent electricity generation has dampened growth. Increase in growth recorded in the third quarter of 2013 was also attributed to the increase in consumer demand as the sector is affected by expectations for the festive activities in the fourth quarter,' the statistics agency added.
Similarly, the report reflected that finance and insurance sector also experienced similar trend with a growth rate of 4.15 per cent in the quarter under review, pointing out that the growth recorded in the quarter indicates a moderation of about one per cent compared to 5.18 per cent recorded in the preceding quarter.
The NBS, however, reported that despite the growth rate in the sector, the performance was lower than what it recorded in the corresponding quarter of 2012.
'While growth recorded in the quarter indicates a moderation of a full percent compared to 5.18 per cent recorded in the second quarter of 2013, growth in the quarter is till marginally higher than 4.08 per cent recorded in the third quarter of 2012 as economic participants looking to be more active engage financial intermediaries for support and mediation.
'The sector contribution to real GDP in the third 2013 declined slightly to 2.84 percent as against 2.92 percent recorded a year earlier,' the report stated