|Period||GDP Growth Rate||Non Oil GDP||Oil GDP|
Oil Sector: Oil sector GDP dipped by -6.63% in Q2 2020, representing -13.80% points decrease compared to the rate recorded in Q2, 2019. This is the first time it has decreased since Q1, 2019 (-1.46).
The oil sector contributed 8.93% to the total real GDP in Q2 2020, down from 8.98% recorded in the corresponding quarter, 2019. Also, the sector’s contribution to GDP decreased by -0.58% when compared to 9.50% recorded in the first quarter of 2020.
It should be noted that in the second quarter of 2020, the average daily oil production was 1.81 million barrels per day (mbpd) which was -0.21mbpd lower compared to the daily average production of 2.02mbpd recorded in the corresponding quarter of 2019 and -0.26mbpd lower than that recorded in Q1, 2020.
The Non-oil sector: In real terms, the non-oil sector dipped by -6.05% in the second qaurter of 2020, which was -7.70% points lower than the rate recorded in the same quarter of 2019 and -7.60% points lower than the rate recorded in the first quarter of 2020.
In the first quarter of 2020, GDP Growth in the non-oil sector was driven mainly by Information and Communication (Telecommunications), Agriculture (Crop Production), Manufacturing (Food, Beverage and Tobacco), Financial and Insurance Services (Financial Institutions), Construction and Trade.
The Non-Oil sector contributed 91.07% to the nation’s GDP in the second quarter of 2020, up from that recorded in the second quarter of 2019 (91.02%) and in the first quarter of 2020 (90.50%).
Nairametrics Exclusive Research!