Recent report published by the National Bureau of Statistics revealed that Household Consumption Expenditure, in Q1 and Q2 2021 grew by 43.72% and 48.16% in real terms, year on year. For 2020, the annual growth rate in real household consumption expenditure stood at 1.56% compared to -1.06% in 2019. Government Consumption Expenditure recorded growth rates at -4.57% and -53.56% in Q1 and Q2 2021 respectively, year on year, while annual growth rate stood at 61.58% in 2020 compared to 8.78% in 2019.
In the first quarter of 2021, Nigeria’s real GDP at basic prices grew by 0.51% on a year on year basis showing a steady improvement in the economy following 2020 Q4 GDP rate of 0.11%. Growth however, improved further in second quarter 2021 with positive GDP growth rate of 5.01%. The negative quarterly growths in Q2 and Q3 2020 resulted in a recession, this also led to a negative annual growth rate of -1.92% for 2020, compared to 2.27% in 2019 on a year on year basis.
Compared to the first and second quarters of 2020, the performance in 2021 indicated a decrease of -1.36% points and 11.12% points higher, respectively.