Analysts at the research department of Coronation Merchant Bank have said they expect the Nigerian economy to grow by 3.0 per cent this year. The analysts, who stated this while reacting to the Gross Domestic Product (GDP) data for Q3’22 recently released by the National Bureau of Statistics (NBS), predicted that domestic and external shocks will likely continue to constrain economic growth. The analysts said: “The latest national accounts released by the National Bureau of Statistics (NBS) show that GDP grew by 2.3 per cent y/y in Q3‘22 compared with 3.5 per cent y/y in Q2 ‘22. Meanwhile, on a q/q basis, it grew by 9.7 per cent, reflecting increased economic activity compared with the q/q contraction of -0.4 per cent recorded in the preceding quarter.
“The y/y moderation in growth can be partly attributed to base effects, the trickle-down effect of the Russian-Ukraine crisis impacting the prices of deregulated petroleum products (such as diesel and aviation fuel), select manufacturing inputs, and the impact of recent monetary policy rate hikes aimed at combating high inflation. The oil economy contracted by -22.7 per cent y/y in Q3, compared with –11.8 per cent y/y recorded in Q2. Meanwhile, the non-oil economy grew 4.3 per cent y/y in Q3 ’22 compared with 4.8 per cent y/y in Q2 ‘22.”
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