Gross Domestic Product (GDP) grew by 3.46% (year-on-year) in real terms in the fourth quarter of 2023. This growth rate is lower than the 3.52% recorded in the fourth quarter of 2022 and higher than the third quarter of 2023 growth of 2.54%.
Other Services real GDP grew by 0.05% (year-on-year) in Q4 2023. This growth was lower by 0.01% points than the growth recorded in the same period of the previous year, and lower by 0.58% points from Q3 2023. Quarter-on-quarter growth was 62.32%.
Real GDP growth in the manufacturing sector in the fourth quarter of 2023 was 1.38% (year-on-year), lower than the same quarter of 2022 and higher than the preceding quarter by 1.46% points and 0.90% points respectively.
In real terms, Public Administration recorded a growth rate of 2.18% (year-on-year) in Q4 2023, higher by 0.75% points and higher by 0.13% points from the Q4 2022 rate and the Q3 2023 rate respectively. On a quarter-on-quarter basis, the sector grew by 14.94% in Q4 2023.
The agricultural sector grew by 14.94% year-on-year in nominal terms in Q4 2023, showing a decrease of 3.74% points from the same quarter of 2022. Looking at the preceding quarter’s growth rate of 11.06%, there was an increase of 3.88% points.
The non-oil sector grew by 3.07% in real terms during the reference quarter (Q4 2023). This rate was lower by 1.37% points compared to the rate recorded in the same quarter of 2022 and 0.32% points higher than the third quarter of 2023.
The real growth of the oil sector was 12.11% (year-on-year) in Q4 2023, indicating an increase of 25.50% points relative to the rate recorded in the corresponding quarter of 2022 (-13.38%). Growth also increased by 12.96% points when compared to Q3 2023 which was –0.85%.
The total value of capital importation into Nigeria in the first quarter of 2022 stood at US$1,573.14 million from US$2,187.63 million in the preceding quarter showing a decrease of 28.09%. When compared to the corresponding quarter of 2021, capital importation decreased by 17.46% from US$1,905.89 million.
The unfolding of this new year offers us a fresh opportunity and platform to shape the year with our efforts and achievements. Here, at the National Bureau of Statistics, we have commenced the year 2024 with a renewed determination to fulfil our mandate of producing reliable, timely and robust data for planning and evidence-based decision-making for development and national progress.
National Bureau of Statistics.
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