Households spent N58bn on goods, services in 6 months
Nigerian homes spent N58.5 billion on goods and services in the second six months of 2021, according to the National Bureau of Statistics (NBS). In a report yesterday, the spending between June and December 2021 accounted for the largest share of real Gross Domestic Product (GDP) representing 70.85 per cent and 71.35% in Q3 and […]
National Bureau of Statistics (NBS)
Nigerian homes spent N58.5 billion on goods and services in the second six months of 2021, according to the National Bureau of Statistics (NBS).
In a report yesterday, the spending between June and December 2021 accounted for the largest share of real Gross Domestic Product (GDP) representing 70.85 per cent and 71.35% in Q3 and Q4 2021.
The figure was higher compared to 61.77% and 69.58% for the two quarters in 2020.
Net Exports was next with 8.11% of total real GDP at market prices in Q3 2021 but declined slightly in Q4 to 7.86%.
The share of General Government Consumption expenditure represented 6.06% in Q3 but declined to 5.68% in Q4 2021 representing N2.3bn and N2.4bn.
Gross Fixed Capital Formation accounted for 12.88 per cent of real GDP in Q3 and rose slightly to 13.80 per cent in Q4 2021, N14.6bn and N17.2bn respectively.
Meanwhile, nominal Net Compensation of Employees from the rest of the world Net in Q3 and Q4 2021 stood at N21.72bn and N24.32bn respectively, representing inclines of 15.39 per cent and 26.31% on a year-on-year basis from the corresponding quarters of 2020. For 2021, total annual compensation (net) stood at N84.83bn, an increase of 38.34% compared to 2020 when N61.32bn was recorded.