In the Third Quarter of 2015, the nation’s Gross Domestic Product (GDP) grew by 2.84% (year-on-year) in real terms. This was higher by 0.49% points from growth recorded in the preceding quarter, yet lower by 3.38% points from growth recorded in the corresponding quarter of 2014. Quarter on quarter, real GDP increased by 9.19%.
During the quarter, aggregate GDP stood at N24,313,636.94 million (in nominal terms) at basic prices. Compared to the Third Quarter 2014 value of N22,933,144.01million, nominal GDP was 6.02% higher. Nominal GDP growth was also higher relative to growth recorded in Q1 of 2015 by 0.85% points. The Nigerian economy can be more clearly understood according to the oil and non-oil sector classifications: The Oil Sector The Non-Oil Sector During the period under review, Preliminary data on Oil production reflects output at 2.17 million barrels per day (mbpd) up from production in the Second Quarter of 2015 by 0.17mbpd. Oil production was also marginally higher to the corresponding quarter in 2014 by 0.02 mbpd when output was recorded at 2.15 mbpd.
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