Aviation sector bounces back, grows GDP by 4.98% in Q2
By Tobi Adetunji
The real Gross Domestic Product (GDP) growth rate of Air transport, under the Transportation and Storage sector, increased by 4.98 per cent in second-quarter 2021, from a contrast of -11.78per cent recorded in Q1 2021.
The National Bureau of Statistics (NBS) in its Q2 2021 GDP report said the Air transport comprises of six/ activities that include, Transportation and Storage sector, which are Road Transport; Rail Transport and / Pipelines; Water Transport; Air Transport; Transport Services; and Post and Courier Services.
Highlights from the NBS report, further revealed that the sector grew by 112.56per cent in nominal terms in the second quarter of 2021 (year on year), this rate was higher relative to the figure of -41.63per cent recorded for the corresponding quarter of 2020 and -9.25per cent in the/ previous quarter.
According to NBS report, “All the six sub-activities under Transport and Storage industry recorded positive growth rates in the second quarter of 2021. Quarter on quarter growth stood at -5.60per cent.”
The report also hinted that, Transport activities/ contributed 2.09per cent to Nominal GDP in Q2 2021, an increase from the 1.13per cent recorded in the/ corresponding period of 2020, but lower than 2.16per cent recorded in the first quarter of 2021. In real terms, the Transportation and Storage sector grew by 76.81per cent in Q2 2021.
This rate represented an increase of 126.03per cent points relative to the same quarter of the previous year, and an increase of 98.70per cent/ points relative to the preceding quarter. For the first half of 2021, growth stood at 6.30per cent compared to -20.47per cent in 2020. Quarter on quarter, growth was -9.50per cent.
However, the contribution of the sector to real GDP in Q2 2021 stood at 1.26per cent, an increase from 0.75per cent recorded a year earlier but lower than 1.38per cent recorded in the first quarter of 2021.
In Q1, 2021, the real GDP growth rate of the aviation sector contracted by -11.78per cent in the first quarter (Q1) of 2021 from -51.69per cent in Q4 2020 and 5.68per cent in Q1 2020.
Nigerian NewsDirect reported that the real GDP growth rate of the aviation sector contracted by 36.96% in 2020 compared to the 13.17per cent recorded in 2019.
The NBS tweeted, “Air Transport under Transportation & Storage real GDP contracted -51.69per cent compared to -38.86per cent in Q3 2020 & -14.98per cent in Q4 2019. 2020 Air transport real GDP contracted -36.98per cent compared to 13.17per cent in 2019.”
Prior to 2019, the Aviation Industry contributed N149.35 billion to the country’s gross domestic product in 2018, representing 0.12per cent, but in 2019, the figure increased due to political activities in Nigeria.
