Telecoms’ contributions to GDP hit $7.1bn in Q1

The telecommunications sub-sector bolstered the country’s Gross Domestic Products (GDP) by $7.1 billion (N2.7 trillion) between January and March this year, New Telegraph has learnt. This represented 12.5 percent growth over N2.4 trillion it contributed in the same period in 2019. With this, the telecommunications sub-sector accounted for 7.70 percent of the aggregate nominal GDP for the economy in Q1, which according to data released by the National Bureau of Statistics (NBS), stood at N35.6 trillion.
 
The NBS data showed that the information and communications technology sector, led by telecommunications, remained one of the major drivers of the economy. According to NBS, the ICT sector, which is one of the main drivers of non-oil growth, is composed of the four activities of telecommunications and information services, publishing, motion picture, sound recording, and music production and broadcasting.
 
While ICT's total nominal contributions to the GDP in the first quarter stood at N3.7 trillion, telecommunications alone accounted for 73 percent of the total figure. For the quarter, the ICT sector's percentage contribution stood at 10.31 percent, which is slightly lower than the 10.6 percent it contributed in Q1 2019…
 
More details through:
https://www.newtelegraphng.com/telecoms-contributions-to-gdp-hit-n2-7trn-in-q1/
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