New Telegraph

Q323: Agric, Forestry, Fishing Record Highest Growth at 91.87%

The National Bureau of Statistics (NBS) has disclosed that on a quarter-on-quarter basis, agriculture, forestry, and fishing recorded the highest growth rate at 91.87 percent in the country’s Gross Domestic Product (GDP) during the VAT third quarter (Q3) 2023.

The NBS in a release on the VAT Q3’23 report made available on in Abuja, said agriculture still held the ace to the country’s GDP growth rate. “This was followed by activities of extraterritorial organisations and bodies with 80.25 percent,” NBS added.

The report showed that the aggregate VAT stood at N948.07 billion in Q3 of 2023. According to the report, a growth rate of 21.34 percent on a quarter- on-quarter basis from N781.35 billion in Q2’23. It said local payments recorded were N522.08b, while foreign VAT payments contributed N204.58 billion and import VAT contributed N221.41 billion in Q3’23.

Part of the reports read: “On the other hand, real estate had the lowest growth rate with -37.68 percent, followed by construction with -9.54 percent.” In terms of sectoral contributions, the report showed the top three largest shares in Q3’23 were manufacturing with 26.51 percent, information and communication with 19.04 percent, and financial and insurance activities with 12.31 percent.

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