The National Bureau of Statistics recently released its Gross Domestic Product Report (Income & Expenditure Approach) for Q1 and Q2 2022.
In a statement available on the Commission’s website, NBS stated thus:
In the first quarter of 2022, Nigeria’s real GDP at basic prices grew by 3.11% on a year-on-year basis showing a higher growth rate compared to the corresponding period of 2021. Growth of the Q2 of 2022 remained positive at 3.54%, though lower compared to the Q2 growth of 2021 (5.01%). However, relative to the Q1 and Q2 of 2021, the performance in 2022 indicates an increase of 2.60% points in the Q1 2022 growth rate and a decrease of 1.47% points in Q2 2022.
Household Consumption Expenditure, in Q1 and Q2 2022 grew by 6.94% and 17.64% in real terms, year on year. The growth rates in Q1 and Q2 of 2022 were lower than the rates recorded in Q1 and Q2 of 2021 respectively. Government Consumption Expenditure recorded growth rates of – 9.91% and -12.99% in Q1 and Q2 2022 respectively, on a year- on- year basis, compared to -4.57% and -53.56% in Q1 & Q2 2021.
Net Exports recorded positive growth rates in the first two quarters of 2020 and moved to negative growth rates in the third and fourth quarters of 2020 as well as in the first three quarters of 2021, a departure from the trend in 2019. However, negative growth rates were recorded in the first and second quarters of 2022. Net exports grew in real terms in Q1 and Q2 2022 by -98.46% and -92.76% respectively. These rates were lower than -91.74% and -49.30% recorded in Q1, and Q2 2021 respectively.
National Disposable Income grew by 2.00% both in Q1 and Q2 of 2022, but recorded growth of – 6.46% and -5.66% in Q1 and Q2 of 2021 respectively on a year-on-year basis in real terms. The growth of National Disposable Income shifted to positive since Q4 2021, showing a better performance in 2022 relative to Q1 and Q2 2021.