Nigeria GDP Growth Rate (QoQ)
Nigeria's Quarter-over-Quarter GDP growth rate accelerated to 10% in Q3 2024, up from 0% in Q2 2024. This marks the highest quarterly expansion in three quarters. Growth was driven by the services sector, expanding by 5.19% and the non-oil sector which grew by 3.37%. The oil sector's real growth was 5.17%, supported by increased production to 1.47 million barrels per day. Nigeria's record low GDP growth rate was -16.1% in Q1 2024 and record high was 12.12% in Q3 2020.
Quarterly Historical Data (2010-2024)
(in %)Nigeria GDP Growth Rate (QoQ) : Definition
Nigeria's Quarter-over-Quarter GDP growth rate shows the percentage change in the nation's total economic output from one three-month period to the next. It is calculated by comparing the current quarter's Gross Domestic Product value to the previous quarter's value then dividing the difference by the previous quarter's GDP and multiplying by 100.