Federal Government on Monday, pitched the nation’s Gross Domestic Product growth rate at 2.01 percent in the first quarter of 2019, hinging it on non-oil sector.
Minister of Budget and National Planning, Senator Udo Udoma who made the disclosure, said the figures reflect the strongest first quarter performance in GDP since 2015.
Breifing State House correspondents at the end of a special Federal Executive Council meeting chaired by Vice President, Yemi Osinbajo, Udoma revealed that agriculture grew by 3.17% representing the strongest growth in agriculture since the fourth quarter of 2017.
He said despite emerging from the recent general elections, other economic indicators remained stable, especially inflation rate.
According to the Minister, under normal circumstances there used to be high inflation during election period, but ours was stable, including the external reserves, trade balance as well as exchange rate to the dollar.
“The first quarter GDP performance numbers released this morning indicates continuous economic growth in the first quarter of 2019. The economy recorded a real GDP growth of 2.01%.
“This growth reflects the strongest first quarter performance in GDP since 2015. The first quarter is always the weakest in terms of growth. The Federal Executive Council is most encouraged by the fact that growth continues to be driven by the non-oil sector which affects most of our population. Also agriculture grew by 3.17% and this represents the strongest growth in agriculture since the fourth quarter in 2017.
“The Council is also pleased to note that there are improvements in other economic indicators such as the inflation rate, which tend to have high inflation during an election period, but it has been stable. Our external reserves and our trade balance has also remained healthy over the period which our exchange rate to the dollar has also been stable.
“So notwithstanding the elections, there has been stability. The Council believes that the dividend arising from the peaceful elections and the re-elections of President Muhammadu Buhari will lead to a further boost in economic growth,”Udoma stated.
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