In the National Bureau of Statistics (NBS) records excerpts from its site shown that the Nominal GDP growth of Manufacturing in the third Quarter of 2017 was 10.32% (year-on-year), 13.25% points higher than growth recorded in the corresponding period of 2016 (-2.93%), but -5.65% points lower than the preceding quarter growth of 15.97%. Quarter on Quarter growth of the sector was 3.21%.
Also the record disclosed that the agricultural sector in the third quarter of 2017 grew by 3.06% (year-on-year) in real terms, a decrease of -1.47% points from the corresponding period of 2016 and an increase of 0.05% points over the preceding quarter. The sector in the current quarter contributed 29.15% to overall GDP in real terms higher than the contributions in the third quarter of 2016 and second quarter of 2017 which stood at 28.68% and 22.93% respectively.
“Real growth of the oil sector was 25.89% (year-on-year) in Q3 2017. This represents an increase of 48.92% relative to rate recorded in the corresponding quarter of 2016. Growth also increased by 22.36% when compared to Q2 2017 which was revised from 1.64% to 3.53%. Quarter-on-Quarter, the oil sector grew by 21.10% in Q3 2017