Household Consumption is still the major demand driver of the 3.4% year-on-year real GDP growth recorded by Nigeria in 2021, a detailed analysis of the report released by the National Bureau of Statistics has shown.
Indeed, the sector’s expenditure grew 19.36% and 7.3% in real terms during the third and fourth quarters of the year respectively, according to the GDP by expenditure approach for both quarters released by the NBS and analyzed by Business A.M.
According to the report, Nigeria’s real GDP at basic prices in the third quarter of 2021 grew by 4.03% on a year-on-year basis showing a steady improvement from the 2020 economic downturn.
The growth was across the board in the final three months of the year with a positive growth rate of 3.98% in real terms, showing that the economy has resurrected from the 2020 recession where there was a negative growth rate of -1.92% recorded, compared to the 2.27% in 2019 on an annual basis.