Economic performance improved from Q2 GDP of 3.19% to Q3 GDP of 2.54% in 2023, according to the growth.
In real terms, Nigeria’s GDP increased by 3.46% in the third quarter of 2024 compared to the same period the previous year. Compared to the 2.54% growth rate observed in the third quarter of 2023, this rate is higher.
greater than the 3.19% growth in the second quarter of 2024,” it said.
The service sector was the primary driver of the Q3 GDP increase, according to the report that was made public on Monday.
The services sector, which grew by 5.19% and contributed 53.58% to the total GDP, was the primary driver of the GDP performance in the third quarter of 2024. 1.14% growth was recorded in the agriculture sector, from the growth of 1.30% recorded in the third quarter of 2023.
“The industry sector grew by 2.18%, which is better than the 0.46% growth that was observed in the third quarter of 2023.” In comparison to the same quarter in 2023, the services sector made a larger contribution to the overall GDP in the third quarter of 2024.
In nominal terms, the total GDP at basic prices for the reviewed quarter was ₦71,131,091.07 million. This result is better than the third quarter of 2023, when the total GDP was ₦60,658,600.37 million, representing a nominal rise of 17.26% year over year, the statement said.
