|Period||GDP Growth Rate||Non Oil GDP||Oil GDP|
Oil Sector: Oil sector GDP dipped by -13.89% in Q3 2020, representing -20.38% points decrease compared to the rate recorded in Q3, 2019. This is the second time it has decreased since Q1, 2019 (-1.46).
The oil sector contributed 8.73% to the total real GDP in Q3 2020, down from 9.77% recorded in the corresponding quarter, 2019. Also, the sector’s contribution to GDP decreased by -0.2% when compared to 8.93% recorded in the second quarter of 2020.
It should be noted that in the third quarter of 2020,the average daily oil production recorded was 1.67 million barrels per day (mbpd), or 0.37mbpd lower than the average production recorded in the same quarter of 2019 and 0.14mbpd lower than production volume recorded in the second quarter of 2020
The Non-oil sector: In real terms, the non-oil sector dipped by -2.51% in the third quarter of 2020, which is -4.36% points lower than the rate recorded in the same quarter of 2019 and -3.54% points higher than the rate recorded in the second quarter of 2020.
In the third quarter of 2020, GDP Growth in the non-oil sector was driven mainly by Information and Communication (Telecommunications), Agriculture (Crop Production), Construction, Financial and Insurance (Financial Institutions) and Public Administration.
The Non-Oil sector contributed 91.27% to the nation’s GDP in the third quarter of 2020, up from that recorded in the second quarter of 2019 (90.23%) and in the second quarter of 2020 (91.07%).
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