National Bureau of Statistics (NBS) on Tuesday, disclosed that the nation’s Gross Domestic Product (GDP) grew by 3.84per cent (year-on-year) in the fourth quarter of 2024, higher than the 3.46per cent recorded in the fourth quarter of 2023 and the third quarter of 2024 growth rate (approximately 3.46per cent).
According to the Bureau, the performance of the GDP in the fourth quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 5.37per cent and contributed 57.38per cent to the aggregate GDP.
“The agriculture sector grew by 1.76per cent, from the growth of 2.10per cent recorded in the fourth quarter of 2023.
The growth of the industry sector was 2.00per cent, a decline from 3.86per cent recorded in the fourth quarter of 2023,” NBS said.
The NBS further explained that in terms of share of the GDP, the services sector contributed more to the aggregate GDP in the fourth quarter of 2024 compared to the corresponding quarter of 2023.
It added that the annual GDP growth in 2024 stood at 3.40per cent, an increase from 2.74per cent in 2023.
Author: Maureen Ikpeama