By Asishana John
The National Bureau of Statistics (NBS) on Tuesday disclosed that real household consumption expenditure closed 2020 at 0.18.
The bureau in its Nigerian Gross Domestic Product Report (Expenditure/Income approach) stated that the bureau had reported that in Q3 2020, the Gross Domestic Product (GDP) declined in real terms by -3.62per cent year-on-year but rose to 0.112per cent in Q4 2020, ending the trend of two quarters of negative growth.
The NBS report on household final consumption stated that, “Household final consumption, in real terms, grew by 6.10per cent and 16.59 per cent in Q3 and Q4 2020, respectively, on a year on year basis, compared to the -1.98 per cent growth in Q3 2019 and -0.41 per cent growth in Q4 2019.
“Overall, in 2020, real household final consumption expenditure rose by 0.81 per cent from -1.06 per cent recorded in 2019. On a quarter on quarter basis, real household consumption expenditure grew by 38.85 per cent in Q3 and 20.76 per cent in Q4 2020.
“In nominal terms, household final consumption expenditure grew by -1.83 per cent in Q3, and -0.71 per cent in Q4 2020, resulting in an annual growth rate of -1.48 per cent.
“The annual growth rate was -11.33 per cent points slower than recorded in the previous year.
“On a quarter on quarter basis, growth was recorded at 23.04 per cent in Q3, and 7.68 per cent in Q4 2020, compared to the preceding year’s 11.74 per cent, and 6.46 per cent in the corresponding quarters.
“Household consumption accounted for 63.63 per cent of real GDP at market prices in Q3 2020, and even higher at 70.45 per cent in Q4 2020.”
The report on Not-for-Profit-Institutions-Serving-Households (NPISH) consumption, disclosed that, “Final consumption expenditure by non-profit institutions serving households recorded growth rates of 289.76 per cent in Q3 and 418.54per cent in Q4 2020, year on year in real terms.
“For annual 2020, growth in real expenditure for this component was recorded at 212.36 per cent year on year. Quarter on quarter, growth in real NPISH expenditure stood at 106.61 per cent in Q3 but dropped to 82.75 per cent in Q4 2020.
“This expenditure component accounted for 1.30 per cent of real GDP expenditure at market price in Q3 and a share of 2.19 per cent in Q4 2020. For 2020, it accounted for 1.24 per cent of total real GDP expenditure at market prices.
”In Q3 and Q4 2020, real general government expenditure grew by 99.18 per cent and 12.13 per cent respectively, compared to 2.26 per cent and 22.38 per cent in 2019.
“On an annual basis, real growth for general government expenditure in 2020 stood at 61.58 per cent compared to 8.78 per cent in 2019. Quarter on quarter, growth was recorded at -18.02% and -25.39% in Q3 and Q4 2020 respectively.
“In nominal terms, government expenditure grew by 104.41 per cent in Q3 and 15.07 per cent in Q4 2020 resulting in an annual nominal growth rate of 65.52 per cent in 2020.
“Government expenditure, however, grew more rapidly in 2020 than in 2019 by 53.35 per cent points. In 2020, this component accounted for 9.40 per cent of total real GDP expenditure at market price.”