|Period||GDP Growth Rate||Non Oil GDP||Oil GDP|
Oil Sector: Oil sector GDP grew by 6.36% in Q4 2019, 0.13% point decrease compared to 6.49% recorded in Q3 2019 and 7.98% points increase compared to -1.62% in Q4 2018.
The oil sector contributed 7.32% to the total real GDP in Q4 2019, up from 7.06% recorded in the corresponding quarter. Meanwhile, the sector’s contribution to GDP went down when compared to 9.77% recorded in the third quarter of 2019.
It should be noted that in the fourth quarter of 2019, the average daily oil production was 2.00 million barrels per day (mbpd) which was 0.09mbpd increase compared to the daily average production of 1.91mbpd recorded in the corresponding quarter of 2018
The Non-oil sector: In real terms, the non-oil sector grew by 2.26% in the fourth quarter of 2019, which was 0.44% points lower than the rate recorded in the same quarter of 2018 but 0.42% point higher than the third quarter of 2019.
In fourth quarter of 2019, GDP Growth was driven mainly by Information and Communication (Telecommunications), Agriculture (Crop Production), Financial and Insurance Services (Financial Institutions), and Manufacturing.
The Non-Oil sector contributed 92.68% to the nation’s GDP in the fourth quarter of 2019, lower from shares recorded in the fourth quarter of 2018 (92.94%).
The annual contribution of the non-Oil sector stood at 91.22% in 2019, 0.19% point reduction compared to 91.41% recorded in 2018.
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