The National Bureau of Statistics on Sunday night released the country’s Gross Domestic Product figure for the third quarter of 2014, stating that the economy, in real terms, grew by 6.23 per cent.
The bureau in the report said the 6.23 per cent third quarter growth rate, is lower than the 6.54 per cent recorded in second quarter of 2014.
The report said the oil sector experienced production challenges, adding that the average daily production of crude oil in the third quarter of 2014 was recorded at 2.15 million barrels per day (mbpd), a decrease from 2.26 mbpd recorded in the third quarter of 2013 and 2.21 mbpd recorded in second quarter.
The report said the impact of the drop in crude oil was a decline in oil GDP by 3.6 per cent in the third quarter of 2013.
This, it added, was also lower relative to 5.47 percent in the second quarter of 2014.
It said, “On an aggregate basis, the economy when measured by the Real GDP, grew by 6.23 percent (year-on-year) in the third quarter of 2014, higher by 1.06 percentage points from rates recorded in the third quarter of 2013, and lower by 0.31 percentage points from the second quarter of 2014.”
It said the oil sector contributed approximately 10.45 per cent to real GDP in the third quarter of 2014, lower from the 10.76 per cent contribution in the second quarter of 2014, and the 11.51 per cent contribution recorded during the third quarter of 2013.
For the non-oil sector, the report said growth was driven by activities recorded in the crop production, textile, apparel and footwear; telecommunications, and real estate sectors.
In the third quarter of 2014, the report said non-oil sector recorded 7.51 per cent growth in real terms, lower compared to 8.46 per cent at the corresponding period in 2013, yet higher than 6.71 per cent in the second quarter of 2014
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