The National Bureau of Statistics said Trade was the largest contributor to the real Gross Domestic Products (GDP) in the first quarter of 2014.
In a report released by the Bureau, indicates that the sector contributed N2.678 trillion or 17.35 per cent in Q1 of 2014, marginally higher than the 17.34 per cent in the corresponding quarter of 2014. The Bureau noted that higher agricultural output was a key input for traders.
Crop production was the second highest contributor to GDP in Q2 of 2014 with N2,643 trillion or 17.12 per cent. “Q1 2014 growth was recorded at 5.42 per cent an increase from 1.78 per cent recorded in Q1 of 2013.” This is as a result of high yield seedlings occasioned by dry season farming.
Furthermore, the Telecoms sector contributed N1.276 trillion or 8.27per cent to real GDP in Quarter one, marginally lower than to its contribution to the GDP in 2013 by 0.14 per cent. The report noted that increased consumer activity drove growth in the sector to 4.48 per cent compared to 2.21 per cent in Q1 of 2013.
For Real Estate, the Bureau said its contribution to GDP in Q1 of 2014 was 6.8 per cent. This was a notable decline from 8.37 per cent by 1.55 per cent, yet a marginal 0.28 per cent decline from Q1.
“Despite a positive growth rate of 3.17 per cent, this was 6.96 per cent lower than the 10.13 per cent growth recorded in Q4 of 2013, representing the sharpest decline in growth in the sector since before 2011.
The key economic developments showed that Chemicals and Pharmaceuticals recorded the highest growth rate in Q1 of 2014, contributing an additional N8 billion to the economy from the previous quarter. Also, Non-metallic Products, Motor Vehicles and Assembly, Cement, Plastic and Rubber Products grew at 30 percent.
The slowest growing sector was Oil refining which “exhibited negative real growth of 15.23 percent as the quantity of refinery output slowed during the quarter,” the Bureau added.