The slow growth is recorded in the first quarter after the oil sector contracted.
Compared to the first quarter of 2018, which recorded real GDP growth rate of 1.89%, the first quarter 2019 growth rate represented an increase of 0.12% points. However, relative to the preceding quarter (fourth quarter of 2018), real GDP growth rate declined by -0.38% points.
GDP growth in the oil sector was -2.40% in first quarter of 2019 indicating a decrease by -16.43% points relative to the rate recorded in the corresponding quarter of 2018.
This shows a growth decreased by -0.79% points when compared to Q4 2018 which was -1.62%.
In real terms, the Mining and Quarrying sector grew by -2.31% (year-on-year) in the first quarter of 2019.
Compared to the first and last quarters of 2018, this represented a decline of -16.41% points and -1.07% points respectively.
Aggregate GDP stood at N31,794,085.85 million in nominal terms. This aggregate was higher than in the first quarter of 2018 which recorded N28,438,604.23 million, representing a year on year nominal growth rate of 11.80%.
The aggregate was, however, lower than in the preceding quarter of N35,230,607.63 million, by -9.75%.
According to the NBS, the 2019 general elections may have affected the economy’s performance, which it describes as the strongest since 2015.