Economy grew by 6.8% in third quarter -NBS

The nation's economy measured by Real Gross Domestic Product grew by 6.81 per cent in the third quarter of this year, the National Bureau of Statistics indicated this in a report released on Sunday.

This was higher than the 6.18 per cent recorded in the second quarter of 2013 and the 6.48 per cent attained in the corresponding quarter of 2012.

The report estimated the nominal GDP for the third quarter as N11.1tn, up from the N10.2tn for the second quarter of 2013 and N10.9tn recorded in the corresponding period of 2012.

The report released by the Statistician-General, NBS, Dr. Yemi Kale, read, 'On an aggregate basis, the economy when measured by the Real Gross Domestic Product, grew by 6.81 per cent in the third quarter of 2013. This was higher than the 6.18 per cent recorded in the second quarter of 2013 and 6.48 per cent recorded in the corresponding quarter of 2012. The nominal GDP for the third quarter of 2013 was estimated at N11.1tn, up from the N10.9tn (or 1.81 per cent) estimated for the corresponding quarter of 2012 and N10.2tn (or 9.41 per cent) recorded in the second quarter of 2013.'

The report noted that the supply disruptions continued to hamper output in the oil sector, while the non-oil sector output increased in the third quarter of 2013.

It stated that the non-oil sector growth was driven by activities in the agriculture, hotels and restaurants as well as building and construction and telecommunications sectors.

The report stated, 'The average daily production of crude oil in the third quarter of 2013 was recorded at 2.26 million barrels per day, an increase from 2.11 million barrels per day recorded in the second quarter of the year. Crude production was, however, lower compared to the 2.52 million barrels per day recorded in the third quarter of 2012.

'These figures with their associated gas components, resulted in a decline in the growth (year-on-year) of the value added of output in oil GDP by 0.53 per cent for the third quarter of 2013, an increase from the negative 1.15 per cent growth recorded in the second quarter of 2013 but lower from the 0.08 per cent growth recorded in the corresponding period of 2012.'