Nigeria’s Gross Domestic Product (GDP) growth rate stood at 2.31 percent in the first quarter of 2023, down from 3. 52 percent in the previous quarter. It fell by 0.8 percent point from 3.11 in the same period last year.
The National Bureau of Statistics (NBS) said the reduction in growth is attributed to the adverse effects of the cash crunch experienced during the quarter.
“The performance of the GDP in the first quarter of 2023 was driven mainly by the services sector, which recorded a growth of 4.35 percent and contributed 57.29 percent to the aggregate GDP,” NBS said.
Here are five activities from sectors across board that contributed the most to to the economy.
Best performing sectors in Q1 2023
Crop production
The contribution from crop production stood at 19.48 percent in the first quarter of 2023, 7 basis points decline from 19.55 in the first quarter of 2022.
The total GDP in crop production stood at 23.13 percent in the full year of 2022.
Trade
Trade’s contribution stood at 15.97 percent in the first quarter of 2023, 16 basis points decline from 16.13 percent in the first quarter of last year.
The total GDP in Trade stood at 16.00 percent in the full year of 2022.
Read also: Nigeria’s oil GDP rises 9% in first quarter of 2023
Telecommunication and information services
Telecommunication and information services contributed at 14.13 percent in the first quarter of 2023, 119 basis points increase from 12.94 percent in the first quarter of 2022.
The total GDP in the sector stood at 13.57 percent in the full year of 2022.
Crude Petroleum and natural gas
Crude petroleum and natural gas growth rate stood at 6.21 percent in the first quarter of 2023, 42 percent basis points increase from 6.63 percent in the first quarter of 2022.
The total GDP growth for crude petroleum and natural gas stood at 5.67 percent in the full year of 2022.
Real Estate
Real Estate growth rate stood at 5.31 percent in the first quarter of 2023, 3 percent basis points decline from 5.34 in the first quarter of 2022.
The total GDP growth for the real estate sector stood at 5.64 percent in the full year of 2022.
Three sectors contributed zero economic activities
Rail Transport and Pipelines, Quarrying and other minerals, Electrical and Electronics contributed zero to economic activities in the first quarter of 2023.
In the same vein, water transport, oil refining and coal mining recorded 0.01 percent growth during the period reviewed.
Administrative and support services recorded 0.02 percent growth while publishing recorded 0.03 percent growth.
In the first quarter of 2023, Post and courier services, Metal Ores and Transport services recorded 0.04 percent growth.
