The National Bureau of Statistics (NBS) has said Gross Domestic Product (GDP) by expenditure improved to 5.01 per cent in second quarter of 2021.
The bureau in its “Nigerian GDP report (Expenditure and Income Approach),” said, “In Q1 2021, the Gross Domestic Product inclined in real terms by 0.51 per cent year-on-year but improved to 5.01per cent in Q2 2021.
“This shows that the economy is growing stronger with the positive trend being sustained from the previous quarter. However, on an annual basis in 2020, the GDP grew in real terms by -1.92per cent year-on-year.
“This was significantly lower compared to 2.27per cent recorded in 2019, and 1.91per cent recorded in 2018.
Household Final Consumption Expenditure, This consists of expenditure, including imputed expenditure, incurred by resident households on individual consumption goods and services. This is calculated as a residual.
On general government final consumption expenditure, the report explained that, “This consists of expenditure, including imputed expenditure, incurred by government at all levels on both individual and collective consumption of goods and services. Individual consumption items are those that are provided to individual households, such as education and health services.
“Collective consumption items relate to goods and services utilised by society as a whole, such as security and infrastructure.
“Not for Profit Institutions Serving Households Final Consumption Expenditure: This consists of expenditure, including imputed expenditure, incurred by Not-for-Profit-Institutions-Serving-Households, which consist of organisations such as charities and non-government organisations.
“Gross Fixed Capital Formation: This is measured as the total value of producer’s acquisitions, less disposals, of fixed assets during the accounting period, plus certain additions to the value of non-produced assets (such as improvements to natural assets) realised by the productive activity of institutional units.
“Change in Inventories: This consists of changes in; stocks of outputs that are still held by units that produced them prior to their being further processed, sold, delivered to other units or used in other ways, measure by the value of the entries into inventories less the value of withdrawals and the value of any recurrent losses of goods held in inventories.
“Exports of Goods and Services: This consists of sales of goods and services to residents abroad, from residents within Nigeria
“Imports of Goods and Services: This consists of sales of goods and services from residents abroad, to residents within Nigeria. This represents the reduction in value of the fixed assets used in production during the period, that results from physical deterioration, normal obsolescence or normal accidental damage.”