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NBS: Nigeria's Economy Attracted $12.2bn Investment In 2017

March 02, 2018 00:32·
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USA economic growth was slightly weaker than initially estimated, with real gross domestic product (GDP) expanding at an annual rate of 2.5 percent in the fourth quarter of 2017, the Commerce Department said on Wednesday. This growth is compared to a contraction of -1.73 percent recorded in Q4'16 and a growth of 1.40 percent recorded in Q3'17.

The bureau stated that the 2017 growth rate of 0.83 per cent was higher than the -1.58 per cent recorded in 2016, about 2.42 per cent difference.

The aggregate GDP was also higher at 31.209 trillion naira in nominal terms, resulting in a nominal GDP growth of 6.99 percent.

Revised data released by the Commerce Department on Wednesday showed slightly slower than previously estimated US economic growth in the fourth quarter of 2017.

As growth of imports outpaced that of output, the resulting trade deficit sliced off 1.13 percentage points from GDP growth rate, said the department.

Economists believe the economy will hit the Trump administration's 3 percent annual growth target this year, possibly putting pressure on the Federal Reserve to raise interest rates more aggressively than now anticipated.

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"Agriculture, which accounted for 25% of GDP in 2017, grew by 4.23% in Q4 2017; while Industry grew by 3.92%. This was largely due to improved strength in the agricultural sector and the end of the long contraction in wholesale and retail trade", he wrote in a research note.

GDP grew by an estimated 2.5 percent in October-December period, down a tenth of a percentage point from the estimate published last month, according to the Commerce Department. Annual contribution was 91.32 per cent and 91.65 per cent in 2016.

The annual contribution was recorded as 8.83 per cent in 2017 and 8.77 per cent in 2016. Government spending increased at a 2.9% rate, adding 0.49 point to growth. Inventories subtracted 0.7 percentage point from GDP, more than the 0.67 percentage point initially estimated.

His words: "For me it indicates that the economy is now on a consistent positive trajectory".

Domestic demand grew at an unrevised 4.6 percent rate in the fourth quarter, the fastest pace in more than three years. In the period under review, oil production averaged at 1.91million barrels per day (mbpd), 0.12 million barrels lower than the daily average production recorded in the third quarter of 2017. "We now have a more diversified growth".

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