Services Sector Drives GDP up by 2.5 percent

Gross Domestic Product (GDP) grew by 2.54% (year-on-year) in real terms in the third quarter of 2023, the National Bureau of Statistics (NBS) has said.

This growth rate is higher than the 2.25% recorded in the third quarter of 2022 and higher than the second quarter 2023 growth of 2.51%.

The NBS in its Gross Dosmestic Product report of Q3 2023 noted that the performance of the GDP in the third quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 3.99% and contributed 52.70% to the aggregate GDP.

The agriculture sector grew by 1.30%, from the growth of 1.34% recorded in the third quarter of 2022, the report added.

“The growth of the industry sector was 0.46%, an improvement from -8.00% recorded in the third quarter of 2022,” it stated.

In addition, in terms of share of the GDP, agriculture, and the industry sectors contributed less to the aggregate GDP in the third quarter of 2023 compared to the third quarter of 2022, the reported added.