Nigerian Gross Domestic Product Report

Transcription

1 Issue 03 Quarter: Three Year: Nigerian Gross Domestic Product Report Quarter Three NATIONAL BUREAU OF STATISTICS

2 Preface This publication provides data on Quarterly Gross Domestic Product (GDP) estimates for the four quarters of 2013, the annual figure for 2013, and estimate for the first, second and third quarters of. Quarterly National Accounts (QNA) are integrated system of macroeconomic accounts designed to describe the entire system of production in a nation on a quarterly basis. They provide a picture of the current economic status of the economy that is more timely and frequent than the that provided by Annual National Accounts (ANA). The key attribute of QNA is that they provide a reasonable level of details of the economy that help government to assess, analyze, and monitor economic growth on a regular basis. QNA adopts the same concepts, definitions and structure as ANA. In principle QNA covers the entire sequence of accounts and balance sheets as reflected in the 2008 System of National Accounts (2008 SNA). Data for this analysis were obtained from the Quarterly Establishment Survey (QES) conducted by the National Bureau of Statistics (NBS). This series covers major aggregates of quarterly GDP by type of economic activity at current and constant (2010) prices. We are grateful to the various agencies and establishments that made their data available as input to the estimates. Dr. Yemi Kale, Statistician General, National Bureau of Statistics, Abuja Nigeria. November,.

3 Introduction The National Bureau of Statistics (NBS), had been conducting Establishment Surveys to provide data for the estimation of the Gross Domestic Product (GDP) for the country. In 2008, NBS started to improve the GDP series by conducting Quarterly Establishment Surveys (QES) for the four quarters of each year to complement the annual surveys which normally take place in the first and second quarters of the succeeding year. In April, the National Bureau of Statistics (NBS) rebased the nation s GDP and in conjunction updated the Quarterly Establishment Surveys for the first three quarters of 2013 (Q1 Q3, 2013) and the fourth quarter survey for These surveys produced the data that was used for the compilation of the quarterly GDP for the four quarters of 2013 (Q1 Q4, 2013). Subsequently regular establishment surveys have been conducted for the first three quarters of. In subsequent sections of this report, emphasis will be given to the composition of GDP in the third quarter of and the corresponding quarter in 2013.

4 Average BPD (millions) Percent Growth rat e(%) Summary Overview of GDP in Quarter On an aggregate basis, the economy when measured by the Real Gross Domestic Product (GDP), grew by 6.23 percent (year-on-year) in the third quarter of, higher by 1.06 percentage points from rates recorded in the Third quarter of 2013, and lower by 0.31 percentage points from the Second Quarter of (as shown in Figure 1). Relative to the Second Quarter of, the economy grew by 8.67 percent in the Third Quarter. The nominal GDP at basic prices for the Third Quarter of was estimated at N22,933, million, up percent from N20,464, million estimated for the corresponding quarter of 2013 and 5.51 percent from N21,734, million recorded in the second quarter of. The economy, can be broadly classified into two output sectors: Oil and Non-oil sectors: Three Real GDP Growth (Year-on-Year) Figure 1: Real GDP Growth 2013 Figure1: Real GDP Growth (%) The Oil Sector The oil sector experienced production challenges. The average daily production of crude oil in the Third Quarter of was recorded at 2.15 million barrels per day (mbpd), a decrease from 2.26 mbpd recorded in the Third Quarter of 2013 and 2.21 mbpd recorded in Second Quarter of the year (Figure 2) Crude Oil Output (MBPD) Figure 2: Crude Oil Output (MBPD) The result was a decline in oil GDP by 3.6 percent in the Third Quarter of 2013, This was also lower relative to 5.47 percent in the Second Quarter of. The Oil sector contributed approximately percent to real GDP in the third quarter of, lower from the percent contribution in the Second Quarter of, and the percent contribution recorded during the Third Quarter of The Non-oil Sector The non-oil sector growth was driven by growth in activities recorded in the Crop Production, Textile, Apparel and Footwear; Telecommunications, and Real Estate sectors. In the third quarter of, the non-oil sector recorded 7.51 percent growth in real terms, lower compared to 8.46 percent at the corresponding period in 2013, yet higher than 6.71 percent in the second quarter of as indicated in Figure 3. Crude Petroleum & Natural Gas (%) Oil and Non-Oil Growth Non - Oil Growth Figure 3: Crude Oil and Non-Oil Growth

5 Growth Rate (%) Major Economic Sectors: Q3 Growth Rate (%) Mining and Quarrying Agriculture Agriculture comprises of four activities; Crop Production, Livestock, Forestry and Fishing. In nominal terms, GDP of the Agricultural sector grew by 9.19 percent (Year-on-Year) in the Third Quarter of, up by 2.72 percentage points from Third Quarter of 2013 and 2.52 percentage points from the previous quarter of. Within the Sector, Fishing grew the fastest by percent, followed by Livestock at percent. Quarter-on-Quarter, the sector grew by percent in the Third Quarter, with Crop Production and livestock growing the fastest by percent and 5.05 percent respectively. The contribution of agriculture to Nominal GDP stood at percent in the Third Quarter of. Agricultural Sector Real Growth (Year-on-Year) Figure 4: Agricultural Sector Real Growth Real agricultural GDP growth in the Third Quarter of stood at 4.47 percent (year-on-year) up by 1.03 percentage points from the corresponding period of 2013 and also higher by 0.79 percentage points from the rate recorded during the Second Quarter of. Crop production was the main driver of growth the Third Quarter of by 4.34 percent. Quarter-on-quarter, the sector grew by percent in the Third Quarter of. Again Crop Production was the main driver of growth by percent. The contribution of Agriculture to GDP in real terms was percent in Third Quarter of, compared to percent in the Third Quarter of 2013 and percent in the Second Quarter of. The sector consist of four activities; Crude Petroleum and Natural Gas, Coal Mining, Metal ore and Quarrying and other Minerals Mining and Quarrying Sector Real Growth (Year-on-Year) Q1 Q2 Q3 Q Q1 Q2 Q Figure 5: Mining and Quarrying Sector Real In nominal terms, the sector recorded a negative growth of percent (year-on-year) in the Third Quarter of, 3.58 percentage points lower than the growth in the corresponding quarter of 2013 and percentage points higher from growth recorded in the Second Quarter of. Coal Mining and Metal ores were the fastest growing during the period growing by percent and percent respectively. Quarter on Quarter, the Sector slowed by percent, with Quarrying and Other minerals and Crude Petroleum and Natural leading the growth by 12.31% and % respectively. The contribution of Mining and Quarrying to the Nominal GDP in the third quarter of was recorded at 10.26%. In real terms, the sector grew by 3.43 percent (yearon-year) in the Third Quarter of, percentage points higher from rates recorded in the Third Quarter of 2013, yet 8.75 percentage points lower from growth recorded in the Second Quarter of. During the Third Quarter, the negative growth recorded was as a result of the decline in crude oil production and the international oil prices. The Crude Oil and Natural Gas sector was the major driver of growth in the sector, growing by 3.60 percent. Quarter-on-quarter, the sector grew by 5.44 percent. Again, Crude Petroleum and Natural gas was the Major driver of growth during the quarter growing by 5.47 percent. The contribution of Mining and Quarrying to the Real GDP in the Third quarter of was10.58%, compared to percent recorded in the Third Quarter of 2013 and percent recorded in the Second Quarter of.

6 Real Growth (%) Growth Rate (%) Major Economic Sectors: Q Manufacturing Manufacturing consist of thirteen activities; Oil Refining, Cement, Food, Beverages and Tobacco; Textile, Apparel, and Footwear; Wood and Wood products; Pulp Paper and Paper products; Chemical and Pharmaceutical products; Non-metallic Products, Plastic and Rubber products, Electrical and Electronic, Basic Metal and Iron and Steel; Motor Vehicles and Assembly; and Other Manufacturing. Nominal growth was percent (year-on-year) in Third Quarter of, 4.74 percentage points lower compared to corresponding period of 2013, but 2.05 percentage points higher from rates recorded in Second Quarter of. The fastest growing activities were Non-Metalic Products, and Chemical and Pharmaceutical Products growing by percent and Percent respectively. Quarter-on-Quarter, the sector grew by 5.65 percent with Oil refining and Other manufacturing growing the fastest by percent and 7.0 percent respectively. The contribution of Manufacturing to Nominal GDP was 9.78 percent in the Third Quarter of, up from 9.01 percent recorded in the third quarter of 2013 and 9.77 percent in the second quarter of. During the Third Quarter of, Real GDP growth in the sector was recorded as percent (year-onyear), down 2.95 percentage points from growth recorded in Third Quarter of 2013, yet up 1.98 percentage points from growth recorded in the Second Quarter of, (Figure 6). Textile, Apparel and Footwear drove growth of the Sector increasing by On a quarter-on-quarter basis, the sector grew by 5.15 percent with Food, Beverages and Tobacco driving growth and growing by 6.30%. The contribution of Manufacturing to Real GDP was 9.83 percent in the Third Quarter of, up from 9.01 percent in the Third Quarter of 2013, but lower than percent in the Second Quarter of. Manufacturing Sector Real Growth (Year-on-Year) Figure 6: Manufacturing Sector Real Growth Electricity, Gas, Steam and Air Conditioning Supply Electricity, Gas, Steam and Air Conditioning Real Growth (Year-on-Year) Figure 7: Electricity, Gas, Steam and Air Conditioning Sector Real Growth Nominal growth of negative 0.02 percent was recorded in Third Quarter of, percentage points lower from growth recorded in corresponding quarter of 2013, yet percentage points higher from growth recorded in the second quarter of. Quarter on-quarter, the sector grew by 5.23 percent. The contribution of Electricity, Gas, Steam and Air Conditioning Supply to Nominal GDP was 0.51 percent in the third quarter of as against 0.57 percent in the third quarter of 2013 and 0.51 percent in the second quarter of. In real terms, the sector declined by percent in Third Quarter of, percentage points lower from the corresponding period in 2013, and a full percentage point lower from growth recorded in the Second Quarter of Lower output was as a result of shortage of gas supply experienced during the period. Quarter-on- Quarter, the sector slowed by 9.79 percent. The contribution of Electricity, Gas, Steam and Air Conditioning Supply to Real GDP was 0.35 percent in the third quarter lower relative to 0.47 percent in the Third quarter of 2013 and 0.42 percent in the Second quarter of.

7 Growth Rate (%) Major Economic Sectors: Q3 Water Supply, Sewage, Waste Management and Remediation In nominal terms, the sector recorded a year-onyear growth of percent in Third Quarter of, lower by percentage points from the corresponding quarter in 2013, yet higher by 3.00 percentage points from the Second Quarter of. The contribution of the sector to the overall nominal GDP was 0.11 percent in the Third quarter of. The sector s real GDP growth (year-on-year) dropped percentage points from the rate recorded in the Third quarter of 2013 to reach percent in the corresponding quarter of. Relative to the Second Quarter of however, growth was 2.92 percentage points higher. Quarter-on-Quarter, real GDP declined by 7.10% in the Third Quarter of. The contribution of the sector to total real GDP was 0.13 percent in Third Quarter of as against 0.11 percent in the Third Quarter of 2013 and 0.15 percent in the Second Quarter of. Construction The contribution of Construction to Real GDP was 3.32 percent in the Third Quarter of as against 3.17 percent in the Third Quarter of 2013 and 4.32 percent in the Second Quarter of Trade Real Growth (Year-on- Year) Trade Figure 8: Trade Sector Real Growth In nominal terms, Trade grew by percent in the Third Quarter of, higher by 7.79 percentage points from the rate recorded in the corresponding quarter of 2013 and by percentage points from the Second Quarter of rate. The contribution of Trade to Nominal GDP was percent in the third quarter. On a nominal basis, the sector in the Third Quarter of grew by percent, lower by 2.92 percentage points from the rate recorded in the Third quarter of 2013, yet 2.01 percentage points higher than that recorded in the Second Quarter of.the contribution of Construction to Nominal GDP was 3.17 percent in the Third Quarter of. Real growth recorded in the Construction sector stood at percent (year-on-year) in the Third quarter of. This was lower by 2.47 percentage points from the growth rate recorded in the Third Quarter of 2013 and also lower by 0.62 percentage points from the Second Quarter of. Quarter-on-quarter growth stood at negative percent as of Quarter Three of. In real terms, the Trade recorded year-on-year growth of 6.81 percent in the Third quarter of, a marginal 0.06 percentage point increase from the Third Quarter of 2013 rate and 1.65 percentage points higher than that of the Second Quarter of. Growth measured quarter-on-quarter stood at 3.67% in the Third Quarter of, The contribution of Trade to Real GDP was percent in the Third quarter against percent in the Third Quarter of 2013 and percent in the Second Quarter of.

8 Major Economic Sectors: Q3 Real growth in the sector for the Third Quarter of stood at percent (year-on-year). This was down by percentage points from the corresponding Transportation and Storage Transport and Storage contains five activities: Road transport, Rail transport and Pipelines, Water Transport, Air Transport, Transport Services, and Post and Courier Services. In nominal terms, the sector grew by percent in the Third Quarter of, up by 1.36 percentage points from the Third Quarter of 2013 and percentage points from the previous quarter of. The fastest growing sectors were Road Transport and Rail Transport and Pipelines which grew by percent and percent respectively. Quarter-on-Quarter, the Sector slowed by 1.7 percent with Transport Services and Air Transport growing the fastest by Percent and percent respectively. The contribution of Transport and Storage to Nominal GDP stood at 1.34 percent in the Third Quarter of. Real GDP growth in the Third Quarter of stood at 4.20 percent (year-on-year) up by 0.61 percentage points from the corresponding period of 2013 and also higher by 0.26 percentage points from the rate recorded during the Second Quarter of. The sector was driven by Road Transport and Transport Services, which grew by 3.75 percent and percent respectively. Quarter-on-quarter, the sector grew by 4.67 percent in Q3 of. Growth was driven by Road and Air Transport, which grew by 2.31 and percent respectively. The contribution of Transportation and Storage to GDP in real terms was 1.14 percent in Third Quarter of, compared to 1.17 percent in the Third Quarter of period of 2013 and also lower by 5.72 percentage points from the rate recorded during the Second Quarter of. Quarter-on-quarter, the sector grew by percent in Q3 of. The contribution of Accommodation and Food Services to GDP in real terms was 0.97 percent in Third Quarter of, compared to 0.87 percent in the Third Quarter of 2013 and 0.78 percent in the Second Quarter of. Information & Communication The Information and Communication sector comprises of four activities namely; Telecommunication and Information, Publishing; Motion Pictures, Sound Recording and Music Production In nominal terms, the Information and Communication sector grew by percent (year -on-year) in the Third Quarter of, up by 5.68 percentage points from Third Quarter of 2013 and 6.55 percentage points from the previous quarter of. Within the sector, Motion Pictures Sound Recording and Music Production grew the fastest, growing by Quarter-on Quarter, sector slowed by percent with Publishing, and Motion Pictures, Sound recording and Music production growing the fastest by percent and percent respectively. The contribution of Information and Communication to Nominal GDP stood at 9.51 percent in the Third Quarter of. Accommodation and Food Services In nominal terms, the sector grew by percent in the Third Quarter of, down by percentage points from Third Quarter of 2013 and percentage points from the previous quarter of. Quarter-on-Quarter, the sector grew by percent. The contribution of the sector to Nominal GDP stood at 0.96 percent in the Third Quarter of. Real growth in the Third Quarter of stood at 8.30 percent (year-on-year) up by 1.16 percentage points from the corresponding period of 2013 and also higher by 0.35 percentage points from the rate recorded during the Second Quarter of. Telecommunications was the major driver of growth in the sector, growing by 6.25%. Quarter-on-quarter, the sector slowed by percent. The contribution of Information and Communication to GDP in real terms was 9.58 percent in Third Quarter of, compared to 9.39 percent in the Third Quarter of 2013 and percent in the Second Quarter of.

9 Growth Rate (%) Major Economic Sectors: Q3 Finance and Insurance This sector is comprises of Banking and Insurance activities. Nominally, the sector grew by percent (year-on-year), 0.89 percentage points lower from the corresponding period in 2013, yet 2.10 percentage points higher than the Second Quarter of. The Finance sub-sector grew fastest during the period, increasing by percent. Quarter-on-Quarter, the sector slowed by 8.24 percent with Financial Institutions growing the fastest at The contribution of Finance and Insurance to the total Nominal GDP was 2.89 percent in the Third Quarter of up from 2.76 percent in the Third quarter of Real GDP growth of 8.56 percent was recorded in the Third Quarter of, a decline of 0.87 percentage points when compared to the corresponding period in However, this figure is 1.56 percent higher when compared with the Second Quarter growth of 7.00 percent. Financial institutions drove growth in the third quarter, growing by 8.65 percent. On quarter-on-quarter basis, finance and Insurance subsector recorded a negative real growth rate of 9.99 percent in the third quarter of, driven by Financial Institutions which grew by 8.12 percent. Finance & Insurance contributed 2.67 percent to the total real GDP in the third quarter of, marginally higher from the contribution in the corresponding period of Finance and Insurance Real Growth (Year-on-Year) Figure 9: Finance and Insurance Sector Real Growth Real Estate Services In nominal terms, Real Estate services in the Third Quarter of grew by percent, 7.01 percentage points lower from growth reported for the same period in Quarter-on-Quarter the sector grew by 8.42 percent. The nominal contribution for the Third Quarter stood at 8.49 marginally higher relative to 8.41 reported for corresponding quarter of Real GDP growth recorded in the sector in Third quarter stood at 5.90 percent, down by 7.48 percentage points from growth estimated in the Third Quarter of 2013, yet 0.95 percentage points higher than growth reported for the Second Quarter of. Quarter-on-quarter the sector grew by 6.51 percent in the third quarter of, This sector contributed 7.62 percent in real terms to the total GDP in the Third Quarter of, marginally lower than 7.65 percent recorded in the Third quarter of 2013 and 7.78 percent in the Second quarter respectively. Professional, Scientific and Technical Services In the Third quarter of, the sector grew by percent (year-on-year) nominally, 1.19 percentage points up from the Third quarter of 2013 and 6.61 percentage points from growth recorded in Second Quarter of. Quarter-on- Quarter, the sector grew by 9.19 percent. The Contribution of Professional, Scientific and Technical Services to Nominal GDP was 3.92 percent in the Third quarter of up relative to 3.83 percent in the third quarter of 2013 and 3.79 percent second quarter of. Real growth in this sector was recorded at 6.93 percent in the Third Quarter of, an increase of 3.37 percentage points from the rates recorded in the corresponding period of 2013 and marginally higher from the Second Quarter of. On quarter-on-quarter basis, the sector grew by percent in third quarter. The Professional, Scientific and Technical Services contributed 3.61 percent to aggregate GDP in the Third quarter of as against 3.59 percent in the third quarter of 2013 and 3.44 percent in second quarter of.

10 Real Growth (%) Major Economic Sectors: Q3 Administrative and Support Services In nominal terms, the Administrative and Support Services sector grew by 9.89 percent (year on year) in the third quarter of, 2.68 percentage points lower relative to the Third Quarter of 2013, yet 2.73 percentage points higher from the Second Quarter of. Quarter on Quarter, the sector grew by 5.53 percent in the Third Quarter of The contribution of Administrative and Support Services to Nominal GDP was 0.02% during the Third Quarter of In real terms, the sector recorded a growth of 5.25 percent (year-on-year), showing an increase of 5.19 percentage points from the corresponding quarter of 2013 and also higher by 5.29 percentage points when compared to the rate recorded in the Second Quarter of. Quarter on-quarter, the sector grew by 3.52 percent in Q3 of. The sector s contribution to real GDP was 0.02 percent during the Third Quarter of. This was constant relative to the corresponding quarter in 2013 and the Second Quarter of. Public Administration In nominal terms, Public administration sector grew by 9.90 percent in the Third Quarter of, up from 8.14 percent in the corresponding quarter of 2013 and 9.41 percent in the Second Quarter of. Quarter-on-Quarter, the sector slowed by 4.2 percent. The contribution of Public Administration to Nominal GDP stood at 2.74 percent in the Third quarter of. This was lower than the 2.80 percent and 3.02 percent recorded in the Third quarter of 2013 and Second quarter of respectively. In real terms, the sector recorded a growth rate of 1.27 percent (year on year) in the Third Quarter of up by 1.40 percentage points from the Third Quarter of 2013 and 0.09 percentage points from the Second Quarter of. Quarter on quarter, the sector grew by percent in the third quarter of. The contribution of Public Administration to Real GDP stood at 2.53 percent in the Third Quarter of compared to 2.65 percent in the Third Quarter of Education The sector s nominal growth rate in the Third quarter of stood at percent (year-onyear), down by percentage points from the corresponding year of 2013 and up by 4.12 percentage points compared to the Second Quarter of. Quarter-on-quarter, Education grew by percent in nominal terms. Nominal GDP contribution of Education in the Third Quarter of stood at 2.06 percent, up from 1.99 percent in the Third Quarter of 2013 of 2013 and 1.62 percent in the Second Quarter of. Real growth stood at 8.78 percent in the Third Quarter of indicating a decrease of percentage points from the corresponding quarter of 2013 and a 1.44 percentage point increase from the Second Quarter of. Quarter-on-Quarter, the sector grew by percent The contribution of Education to Real GDP was 2.08 percent in the third quarter of marginally higher compared to 2.03 percent in the Third Quarter 2013 and 1.71 percent in the Second Quarter of Education Sector Real Growth (Year-on-Year) Figure 10: Education Sector Real Growth

11 Real Growth (%) Major Economic Sectors: Q3 Health and Social Services In the Third Quarter of the Human health and Social Services sector grew by percent (year -on-year) in nominal terms. This was by 6.20 percentage points higher from the corresponding quarter of 2013 and percentage points higher from the Second Quarter of. Quarter on Quarter, the sector grew by 1.08 percent. The contribution of Human Health and Social Services to nominal GDP was 0.68 percent the Third quarter of up by 0.07 percentage points from the Third Quarter of 2013 and 0.71 from the Second Quarter of. In real terms, the sector recorded a growth of percent (year on year) in the Third Quarter of, compared to percent in Third Quarter of Quarter-on- Quarter, the sector slowed by 0.60 percent. The contribution of Human Health and Social Services to Real GDP was 0.68 percent in the Third Quarter of compared to 0.62 percent in the Third Quarter of 2013 and 0.75 percent in the Second Quarter of. Arts, Entertainment and Recreation In nominal terms, the sector grew by percent in the Third Quarter of (year on year), up 1.24 percentage points from the corresponding quarter of 2013, and 2.61 percent higher from the Second Quarter of. Quarter-on-Quarter, the sector slowed by percent. The contribution of the sector to GDP in nominal terms was 0.18 percent in the third quarter of. In real terms, the sector grew by percent (year-on-year) up by 0.06 percentage points from the corresponding period of 2013 and also higher by 1.68 percentage points from the rate recorded during the Second Quarter of. Quarter-on-quarter, the sector decreased by percent in Q3 of. The contribution of Arts, Entertainment and recreation to GDP in real terms was 0.17 percent in Third Quarter of, compared to 0.16 percent in the Third Quarter of 2013 and 0.21 percent in the Second Quarter of. Other Services On a nominal basis, Other Services grew by percent (year on year) in the Third quarter of, up by percentage points from corresponding quarter of 2013 and 3.44 percentage points from the rate recorded in Second Quarter of. Quarter-on-Quarter, the sector grew by 9.82 percent. In nominal terms the sector contributed 2.26 percent of the nation s GDP in the third quarter of. In real terms, the sector grew by percent (year on year) in the Third quarter of, up from percent in Third Quarter of 2013 and percent in Second Quarter of. Quarter-on- Quarter, the sector slowed by percent. The contribution to GDP in real terms it was 2.08 percent in the Third Quarter of as compared to 1.85 percent in the corresponding quarter of 2013 and 2.56 percent in the Second Quarter of Other Services Sector Real Growth (Year-on-Year) Figure 12: Other Services Sector Real Growth

12 Major Economic Sectors: Q3 Methodological notes Quarterly National Accounts (QNA) are an integrated system of macroeconomic accounts designed to describe the entire system of production in a nation on a quarterly basis. They provide a picture of the current economic status of an economy on a more frequent basis than Annual National Accounts (ANA). In providing a reasonable level of detailed information of the economy, QNA allows the government to regularly assess, analyse and monitor economic developments. In line with international standards outlined under the United Nations Statistics Division (UNSTATS), four major methodological pillars underpin GDP compilation in Nigeria: The System of National Accounts (SNA 2008 version) The internationally agreed standard of recommendations as to how to compile measures of economic activity. The International Standard Industrial Classification (ISIC Revision 4.0): This is the international reference for the classification of productive activities. Its main purpose is to provide a set of activity categories that can be used for the collection and reporting of statistics according to such activities. The Central Product Classification (CPC version 2) A classification based on the physical characteristics of goods or on the nature of services rendered. The CPC covers products that are output of economic activities. Data for this analysis were obtained from the Quarterly Establishment Survey (QES) conducted by the National Bureau of Statistics (NBS), tax receipts from the Federal Inland Revenue Service, and other administrative sources such as the Nigerian National Petroleum Corporation. The series covers major aggregates of quarterly GDP under 46 activities at current and constant (2010) prices..

13 Methodological notes Continued.. Using the above data and standards, GDP is computed as gross output minus intermediate consumption. Both gross output and intermediate consumption are detailed below for each activity: 1. AGRICULTURE Under Section A, Division of ISIC rev 4, Agriculture is divided into four main activities. 1.1 CROP PRODUCTION Section A, Division 01 of ISIC Rev 4 Gross Output: Quantities produced multiplied by farm gate price, less losses (wastages). Intermediate consumption: Seeds, fertilizer, pesticides, hire of farm implements and simple farm tools that are used up in one farming season. 1.2 LIVESTOCK PRODUCTION Section A, Division 01 of ISIC Rev 4 Gross Output is calculated using the following Live animals and their produce + imports = animals slaughtered and their produce animals which died of natural causes +exports + change in animal stock. Intermediate Consumption: Value of animal feeds as input in the production of livestock and livestock products (such as broiler starter concentrate, breeder concentrate, ground cake, guinea corn etc.) 1.3 FORESTRY Section A, Division 02 of ISIC Rev 4 Gross Output: Value and quantity of timbers of various types (firewood, charcoal, uncultivated materials gathered). Other forest products obtained using expenditure approach. Sawn-logs, and other wood products categories are obtained using the production method, whereby, the quantity of logs produced is multiplied by the price per cubic of log. Intermediate consumption: Expenditure on seeds and sapling, fuel oils, lubricants, feed, hand tools and spare parts, payments for contract work and other services. 1.4 FISHING Section A, Division 03 of ISIC Rev 4 Gross Output: Measured by multiplying quantity in kilogram by the average price to obtain the value of production. Intermediate consumption: Intermediate consumption here is captured according to expenditure on fingerlings, nets, feeds and other operating expenses. 2. MINING AND QUARRYING Section B, Division of ISIC Rev CRUDE PETROLEUM AND NATURAL GAS Section B, Division 06 of ISIC Rev 4 Gross Output: Quantity of crude petroleum produced (barrels) and Natural gas in million cubic feet (mcf) multiplied by the average price in domestic currency (equivalent of the price in dollar during the account period). Intermediate Consumption: Includes purchase of consultancy services, Transportation, Electricity Bills, Water bills, Cost of Fuel used, Minor Repairs and Maintenance, Medical expense to staff, License & Registration fees, Travelling allowance, Staff Uniform, Rents on machinery & buildings, Spare Parts etc. 2.2 COAL MINING Section B, Division 05 of ISIC Rev 4 Gross Output: Quantity produced multiplied by the average price. Intermediate Consumption: Cost of raw materials used; both imported and Local, purchase of consultancy services, transportation, electricity bills, water bills, cost of fuel used, minor repairs and maintenance, medical expense to staff, royalty, travelling allowance, special clothing use at work, rents on machinery & buildings, Spare Parts etc. 2.3 METAL ORES Section B, Division 07 of ISIC Rev 4 Gross Output: Quantity produced multiplied by the average price Intermediate Consumption: Cost of raw materials used; both imported and Local, purchase of consultancy services, transportation, electricity bills, water bills, cost of fuel used, minor repairs and maintenance, medical expense to staff, royalty, travelling allowance, special clothing used at work, rents on machinery & buildings, Spare Parts etc.

14 Methodological notes Continued QUARRYING AND OTHER MINING Section B, Division 08 of ISIC Rev 4 Gross Output: Quantity produced multiplied by the average price Intermediate Consumption: Cost of raw materials used; both imported and local, purchase of consultancy services, transportation, electricity bills, water bills, cost of fuel used, minor repairs and maintenance, medical expense to staff, royalty, travelling allowance, special clothing used at work, rents on machinery & buildings, Spare Parts etc. 3. MANUFACTURING Section C, Division of ISIC Rev 4. Gross output =Revenue from sales of goods + Revenue from sales of goods bought for resale (trade margin) + Revenue from rendering services to other +Closing stock of finished goods -Opening stock of finished goods +Closing stock of work-in-progress -Opening stock of work-in-progress Intermediate consumption = Purchases of raw materials and supplies + Purchases of goods bought for resale + Purchases of packaging materials +Fuels and lubricants +Electricity +Water and Sewerage +Repair and Maintenance +Freight charges and transport +Closing stock of raw materials and supplies - Opening stock of raw materials and supplies +Insurance premium +All other costs and expenses for goods and services 4. ELECTRICITY, GAS, STEAM AND AIR CONDITIONING SUPPLY Section D, Division 35 of ISIC Rev 4. Gross Output: The value of output is the amount of gas and electricity paid for. Hence, value added is the output less intermediate consumption. Intermediate Consumption=other cost of sales+indirect expenses 5. WATER SUPPLY, SEWERAGE, WASTE MANAGEMENT AND REMEDIATION Section E, Division 36 of ISIC Rev. 4 Gross output = Water revenue+sewage revenue+new connections Intermediate Consumption=other cost of sales+indirect expenses 6. TRADE Section G, Divisions 45 to 47 of ISIC Rev. 4. Gross Output: This is equal to the trade margin, i.e. the difference between the revenue of goods sold and the value of the goods purchased for resale. Intermediate Consumption: Goods and services needed to run the trading establishment, such as packaging materials, electricity, office supplies, and rentals. 7. CONSTRUCTION Section F, Division 41 to 43 of ISIC Rev 4. Gross Output: Value of work done and other incomes. Intermediate Consumption: This comprises cement, blocks, metals/iron bars,sand, stone, wood, gravel, other construction inputs, and cost of fuel used by generator, water bills and expenses on internet services/telephone/ postage bills during the construction period. 8. ACCOMODATION AND FOOD SERVICES Section I, Division 55 to 56 of ISIC Rev. 4. Gross Output: Income generated from Accommodation, Catering, Restaurants, Beverage Service activities, Other income Intermediate Consumption includes expenses incurred in running the businesses. 9. TRANSPORTATION AND STORAGE This industry broadly categorized under ISIC Rev. 4, Section H, division The sector is divided into 6 subeconomic activities. 9.1 ROAD TRANSPORT Section H, Division 49 of ISIC Rev 4 Gross Output: The output of road transport is the revenue generated for the period under consideration. Intermediate Consumption: Intermediate consumption consists of fuels and lubricants used electricity bills, water bills, office supplies, and rentals.

15 Methodological notes Continued RAIL TRANSPORT AND PIPELINES Section H, Division 49 of ISIC Rev 4 Gross Output: Receipts from passengers, goods traffic and subventions from Federal Government. The Petroleum Pipeline Product income is from the transportation of the petroleum products and crude oil to designated depots and refineries in Nigeria. Intermediate Consumption: This consists of the summation of all expenses incurred in the production process such as fuels and lubricants used, electricity bills, water bills, office supplies, and rentals. 9.3 WATER TRANSPORT Section H, Division 50 of ISIC Rev 4 Gross Output: Receipts from passengers and goods traffic. Intermediate Consumption: Fuels and lubricants used electricity bills, water bills, office supplies, and rentals. 9.4 AIR TRANSPORT Section H, Division 51 of ISIC Rev 4 Gross Output: Receipts from passengers and Cargoes (goods traffic). Intermediate Consumption: Fuels and lubricants used, electricity bills, water bills, office supplies, and rentals, Spare parts, Consultancy, Audit fees 9.5 TRANSPORT SERVICES Section H, Division 52 of ISIC Rev 4 Gross Output: Receipts from services for storage and transportation activities. Intermediate Consumption: Fuels and lubricants used, transportation cost, electricity bills, water bills, office supplies, and rentals. 9.6 POST AND COURIER SERVICES Section H, Division 53 of ISIC Rev 4 Gross Output: Receipts from services rendered on number of mails and parcels handled. Intermediate Consumption: Fuels and lubricants used, transportation cost, electricity bills, water bills, office supplies, and rentals. 10. INFORMATION AND COMMUNICATION Categorized under ISIC Rev. 4, Section J, Division 58-63, the sector is divided into 4 economic activities: 10.1 TELECOMMUNICATION AND INFORMATION SERVICES Section J, division 61 to 63 of ISIC Rev 4. Gross Output: Revenue from telephone, telex, Facsimile, telegraph, and other income from satellite and internet services. Intermediate consumption: Transit fees, operational expenditure, minor repairs and maintenance and other expenses PUBLISHING Section J, Division 58 of ISIC Rev 4 Gross Output: Revenue from publishing services. Intermediate consumption: This includes details of the cost structure including transportation fees, operational expenditure, minor repairs etc MOTION PICTURE AND SOUND RECORDING Section J, Division 59 of ISIC Rev 4. Gross Output: Revenue generated/total sales from the number of movies and sound recordings produced including revenue generated from TV rights, royalties and fees. Intermediate consumption: Detail on the cost structure of operating firms including transportation fees, operational expenditure, minor repairs and maintenance, and other administrative expenses.

16 Methodological notes Continued BRODCASTING Section J, Division 60 of ISIC Rev 4 Gross Output: Public corporation data derived from Accountants General s reports, while private component relies on revenue generated from services rendered e.g. advertisement. Intermediate consumption: Details of the cost structure of market participants which include transportation fees, operational expenditure, minor repairs and maintenance 11. ARTS ENTERTAINMENT AND RECREATION Section R, division of ISIC Rev 4. Gross Output: Revenue generated was estimated in two categories: one as a market output and the second as non-market output (public establishments) Intermediate consumption: Details of the cost structure were obtained from the financial reports of firms. 12. FINANCE AND INSURANCE SERVICES Section k, Division of ISIC Rev 4, Finance and Insurance Services is divided into two (2) sectors FINANCIAL INSTITUTIONS Section K, Division 64 of ISIC Rev 4 Gross Output: Gross output for financial services are measured by Financial Services Indirectly Measured (FISIM). Gross Output = Implicit service charges (FISIM) +Explicit service changes. Intermediate Consumption: Details of the cost structure are extracted from the data supplied such as; Currency Issue Expenses, Administrative Expenses, Repairs and Maintenance, Consultancy Fees, Bank Charges, Audit fees, Directors related expenses INSURANCE Section K, Division 65 of ISIC Rev 4 Gross Output: Output of life insurance: Output = Actual premiums earned+plus Premium supplements -Benefits due -Minus Increases (plus decreases) in life insurance technical reserves Output of non-life (General) insurance: Output = Actual premiums earned +Premium supplements - Adjusted claims incurred Output of funded pension fund: Output = Actual pension contributions+supplementary contributions -Benefits due +Plus Change in the actuarial reserves+property income Intermediate consumption: consists of the cost structure (operating expenses) from the annual reports of institutions. 13. REAL ESTATE Section L, Division 68 of ISIC Rev 4 Gross Output: Sum of fees and commissions receivable for the services rendered. Intermediate consumption: Details of the cost structure including transportation fees, operational expenditure, minor repairs and maintenance etc. 14. PROFESSIONAL SCIENTIFIC AND TECHNICAL SERVICES Section M, Division of ISIC Rev 4. Gross Output: Sum of revenues receivable for the services rendered. Intermediate consumption: Details of the cost structure including transportation fees, operational expenditure, minor repairs and maintenance etc. 15. ADMINISTRATIVE AND SUPPORT SERVICES Section N, Division of ISIC RE 4. Gross Output: Sum of fees and commissions receivable for the services rendered. Intermediate consumption: Details of the cost structure including transportation fees, operational expenditure, minor repairs and maintenance etc. 16.PUBLIC ADMINISTRATION Section O, Division 48 of ISIC Rev. 4 Gross output Basic = Intermediate consumption (Less commodity sales and fees) employees+consumption of fixed capital +Other taxes less subsidies on production. +Compensation of

17 Methodological notes Continued EDUCATION Section P, division 85 of ISIC Rev. 4. Gross Output: Consists of government production, which is a non-market service offered without charge or at a price not economically significant, and private production, offered at the market price. Government Production (non-market service): Gross output Basic=+Intermediate consumption (Less commodity sales and fees) +Compensation of employees+consumption of fixed capital +Other taxes less subsidies on production. Private Production (market service): Gross output Basic=Total output-intermediate consumption + other taxes less subsidies on production. Intermediate consumption: Details of cost structure including transportation fees, operational expenditure, minor repairs and maintenance etc. 18. HUMAN HEALTH AND SOCIAL SERVICES Section Q, Division of ISIC Rev. 4. Gross Output: Consists of government production, which is a non-market service offered without charge or at a price not economically significant, and private production, offered at the market price. Government production (non-makret service): Gross output Basic = Intermediate consumption (Less commodity sales and fees)+compensation of employees+consumption of fixed capital +Other taxes less subsidies on production. Private production (market service): Gross output Basic = Total output-intermediate consumption+ other taxes less subsidies on production. Intermediate consumption: Details of the cost structure of operators including transportation fees, operational expenditure, minor repairs and maintenance etc. 19. OTHER SERVICE ACTIVITIES Section S Division 94 to 96 of ISIC Rev.4. Gross Output: Income generated from the various services rendered. For Further Information Please Visit: Plot 762, Independence Avenue Central Business District PMB 127, Garki, Abuja, NIGERIA Issue 01: Quarter One,

18 Tables Table One: Gross Domestic Product At Current Basic Prices (=N=Million) ACTIVITY SECTOR AGRICULTURE 2013 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 1. Crop Production 2,815, ,049, ,528, ,469, ,862, ,950, ,223, ,926, Livestock 334, , , , ,399, , , , Forestry 41, , , , , , , , Fishing 94, , , , , , , , MINING AND QUARRYING 5. Crude Petroleum and Natural Gas 2,756, ,327, ,736, ,476, ,296, ,612, ,633, ,328, Coal Mining 1, , , , , , Metal Ores 1, , , , , Quarrying and Other Minerals 17, , , , , , , , MANUFACTURING 9. Oil Refining 102, , , , , , , , Cement 106, , , , , , , , Food, Beverage and Tobacco 915, , , , ,814, ,010, ,037, ,107, Textile, Apparel and Footwear 331, , , , ,303, , , , Wood and Wood Products 49, , , , , , , , Pulp, Paper and Paper Products 12, , , , , , , , Chemical and Pharmaceutical Products 22, , , , , , , , Non-Metallic Products 45, , , , , , , , Plastic and Rubber products 39, , , , , , , , Electrical and Electronics 1, , , , , , , , Basic metal, Iron and Steel 38, , , , , , , , Motor vehicles & assembly 12, , , , , , , , Other Manufacturing 84, , , , , , , , ELECTRICITY, GAS,STEAM AND AIR CONDITIONING SUPPLY 112, , , , , , , , WATER SUPPLY,SEWERAGE, WASTE MANAGEMENT AND REMEDIATION 15, , , , , , , , CONSTRUCTION 619, , , , ,676, , , , TRADE 3,381, ,662, ,215, ,443, ,702, ,663, ,767, ,981, ACCOMMODATION AND FOOD SER- VICES 153, , , , , , , , TRANSPORTATION AND STORAGE 27. Road Transport 144, , , , , , , , Rail Transport & Pipelines Water Transport , , , , , , , Air Transport 15, , , , , , , , Transport Services 7, , , , , , , , Post and Courier Services 4, , , , , , , , INFORMATION AND COMMUNICATION 33. Telecommunications 1,464, ,106, ,468, ,582, ,621, ,604, ,289, ,698, Publishing, 4, , , , , , , , Motion Pictures, Sound recording and Music production 192, , , , , , , , Broadcasting 242, , , , , , , , ARTS, ENTERTAINMENT AND RECREA- TION 35, , , , , , , , FINANCIAL AND INSURANCE 38. Financial Institutions 531, , , , ,076, , , , Insurance 72, , , , , , , , REAL ESTATE 1,212, ,793, ,721, ,949, ,677, ,483, ,794, ,946, PROFESSIONAL, SCIENTIFIC AND TECH- NICAL SERVICES 633, , , , ,953, , , , ADMINISTRATIVE & SUPPORT SERVICES 3, , , , , , , , PUBLIC ADMINISTRATION 527, , , , ,384, , , , EDUCATION 330, , , , ,549, , , , HUMAN HEALTH AND SOCIAL SERVICES 117, , , , , , , , OTHER SERVICES 647, , , , ,023, , , , GDP Current Basic Price 18,295, ,931, ,464, ,401, ,092, ,169, ,734, ,933, Net Indirect Taxes on Products 226, , , , , , , , GDP Current Market Price 18,522, ,149, ,703, ,634, ,009, ,381, ,957, ,166,769.71