FGN, States, LGs Expenditure On GDP Grew By 42.81% In 2015 – NBS

The National Bureau of Statistics (NBS), yesterday puts the final expenditure on Gross Domestic Product (GDP) of the three tiers of government at 42.81 per cent in the first quarter of the year.

This is contained in a statement issued in Abuja by the Statistician-General of the Federation, Dr Yemi Kale.

It said that the figure was higher than the -7.53 per cent and 16.56 per cent recorded in the first and fourth quarters of 2014 respectively.

According to the NBS, during the first quarter of the year, the general government final expenditure grew by 42.81 per cent year-on-year in real terms, higher than the -7.53 per cent in the first quarter of 2014.

It noted that the -7.53 per cent was also lower than 16.56 per cent recorded in the fourth quarter of 2014.

“In real terms, the share to expenditure on GDP declined from 8.54 per cent in the fourth quarter in 2014 to 8.34 per cent in the first quarter of the current year,” the NBS said.

It said that the shares recorded in the first quarter were however higher than the shares recorded in first quarter of 2014 which was put at 6.0 per cent.

“In real terms, the expenditure on the Gross Fixed Capital Formation (Investment) component of the GDP grew at a slower rate, both relative to the preceding quarter and to the corresponding quarter of 2014,” the NBS said.

It stated that non-residential buildings and purchases in machinery and equipment year-on-year growth was put at 9.72 per cent in real terms.

The NBS said that the figure was down from 20.08 per cent and 12.45 per cent recorded in the first and fourth quarters of 2014 respectively.

“While net exports of goods and services maintained a positive balance in the first quarter of 2015, growth has slowed considerably as a result of decline in exports.

Nominal growth declines

“Nominal growth declined by 57.70 per cent in the first quarter of 2015, lower than the 50.49 per cent growth recorded in the first quarter of 2014.

“In real terms, net exports also slowed, growing by 36.23 per cent year-on-year, down from 35.81 per cent recorded in the corresponding period of 2014,” the NBS said.

It stated that Compensation of Employees (COE) slowed during the first quarter of 2015, decreasing by 2.49 per cent year-on-year (nominally) and in real terms, declining by 9.99 per cent year-on-year.

“In nominal terms, National disposable income grew by 3.61 per cent in the first quarter of 2015, down from 10.56 per cent recorded in the corresponding quarter of 2014.

“During this period, household consumption accounted for 76.10 per cent of national disposable income and 16.34 per cent of income was devoted to savings.

“In real terms however, household consumption represented 67.28 per cent, while savings accounted for 23.29 per cent of the national disposable income in the first quarter of 2015.”

Source:Vanguard