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Construction, Real Estate Sector Contributes N20trn to GDP

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The construction and real estate sectors contributed N20tn to the nation’s Gross Domestic Product in the first three quarters of 2022, the National Bureau of Statistics has said.

 

The GDP report released by the Bureau showed that construction services earned N12.9tn while real estate contributed N7tn to the GDP.

 

The report further indicated that construction contributed 9.5 percent to nominal GDP in the third quarter of 2022.

This was higher than the 9.26 percent it contributed a year earlier and higher than the 7.95 percent contributed in the second quarter of 2022.

 

It also grew by 18.92 percent year-on-year in the third quarter of 2022, the report showed.

 

On a Quarter-on-Quarter basis, the sector growth rate was placed at 16.38 percent.

The contribution to nominal GDP in Q3, 2022 stood at 4.96 percent, relative to 5.27 percent recorded in the third quarter of 2021 and higher than the 4.95 percent reported in the second quarter of 2022.

 

 

 

 

 

NBS/ Hauwa Abu

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