Nigerian Economy Shrinks By N63bn, 28 Sectors Struggle.

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Twenty-eight sectors of the economy declined in the second quarter of 2022 as real Gross Domestic Product shrunk by N63.49bn quarter-on-quarter.

While real GDP grew by 3.54 per cent year-on-year in Q2 2022, it declined by 0.37 per cent from the N17.35tn that was recorded in the first quarter of 2021 to N17.29tn in Q2, 2022, according to data from the National Bureau of Statistics, NBS.

The NBS blamed this decline on lower economic activity that was witnessed in Q1 2021. The analysis of real GDP data revealed that only 18 of the 46 NBS captured economic activity sectors experienced growth in the quarter under review.

According to the data from the statistics body, the agriculture sector witnessed mixed positives, with two sub-sectors witnessing growth and the other two recording a decline.  Crop production grew from N3.39tn to N3.59tn; livestock declined from N318.49bn to N282.02bn; forestry grew from N44.14bn to N51.28bn; while fishing declined from N125.46bn to N88.3bn.

In the mining and quarrying sector, crude petroleum and natural gas declined from N1.15tn to N1.09tn; coal mining grew from N1.61bn to N4.79bn; metal ores declined from N4.87bn to N1.26bn; and quarrying other minerals grew from N363.29m to N25.51bn.


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