|Period||GDP Growth Rate||Non Oil GDP||Oil GDP|
Oil Sector: Oil sector GDP grew by 5.06% in Q1 2020, 1.3% point decrease compared to 6.36% recorded in Q4 2019, and 6.51% points increase compared to -1.46% in Q1 2019.
The oil sector contributed 9.5% to the total real GDP in Q1 2020, up from 9.22% recorded in the corresponding quarter. Also, the sector’s contribution to GDP increased when compared to 7.32% recorded in the fourth quarter of 2019.
It should be noted that in the first quarter of 2020, the average daily oil production was 2.07 million barrels per day (mbpd) which was 0.08mbpd increase compared to the daily average production of 1.99mbpd recorded in the corresponding quarter of 2019
The Non-oil sector: In real terms, the non-oil sector grew by 1.55% in the first quarter of 2020, which was 0.93% points lower than the rate recorded in the same quarter of 2019 and 0.72% point lower than the rate recorded in the fourth quarter of 2019.
In the first quarter of 2020, GDP Growth in the non-oil sector was driven mainly by Information and Communication (Telecommunications), Agriculture (Crop Production), Financial and Insurance Services (Financial Institutions), Agriculture (Crop Production), Mining and Quarrying (Crude Petroleum & Natural Gas), and Construction.
The Non-Oil sector contributed 90.5% to the nation’s GDP in the first quarter of 2020, lower from shares recorded in the first quarter of 2019 (90.78%).
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