{"id":87376,"date":"2021-10-22T08:43:48","date_gmt":"2021-10-22T07:43:48","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=87376"},"modified":"2021-10-22T08:43:48","modified_gmt":"2021-10-22T07:43:48","slug":"nigerias-household-consumption-gulps-n54-84trn-in-6-months-report","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/nigerias-household-consumption-gulps-n54-84trn-in-6-months-report\/","title":{"rendered":"Nigeria\u2019s Household Consumption Gulps N54.84trn In 6 Months – Report"},"content":{"rendered":"
\n
Nigerians and other residents in the country spent N54.84 trillion on household consumption in normal terms, according to the National Bureau of Statics (NBS).<\/div>\n
\n
\nThe amount was spent in six months of this year, 2021.<\/p>\n

The figure is higher than the N48.22 trillion recorded in the first half of 2020 on the same item.<\/p>\n

The information was contained in recent data released by the statistics office tagged: Expenditure and Income Gross Domestic Product (GDP).<\/p>\n

According to the bureau, the expenses incurred by Nigerian households increased by 13.7 per cent in the last six months of 2021 (H1) when compared with the corresponding period of 2020.<\/p>\n

Household consumption accounted for the largest share of real Gross Domestic Product at market prices, representing 53.68 per cent and 51.82 per cent in Q1 and Q2, 2020 respectively, compared to 76.83 per cent and 72.88 per cent in the corresponding quarters of 2021.<\/p>\n

According to the NBS report, net exports, which represent\u00a0 -2.23 per cent of total real GDP at market prices in Q1, 2021, however inclined considerably in Q2 to 4.32 per cent.<\/p>\n

The share of general government consumption expenditure represented 5.92 per cent in Q1, but rose to 6.33 per cent in Q2, 2021. Gross fixed capital formation accounted for 17.84 per cent of real GDP in Q1, which decreased slightly to 14.85 per cent in Q2 2021.<\/p>\n

The share of non-profit institutions serving households moved from more than 1 per cent in Q4, 2020 to 0.78 per cent in Q1 and 0.82 per cent in Q2, 2021. NPISH had a share above 1 per cent in Q4, 2020 arising from interventions on COVID-19 pandemic.<\/p>\n

Household final consumption, in real terms, grew by 43.72 per cent and 48.16 per cent in Q1 and Q2 2021 respectively, on a year-on-year basis. However, it recorded -4.86 per cent growth in Q1, 2020 and -17.95 per cent growth over the corresponding second quarter of 2020. Overall, in 2020, real household final consumption expenditure inclined by 1.56 per cent from -1.06 per cent recorded in 2019.<\/p>\n

In the first quarter of 2021, Nigeria\u2019s real GDP at basic prices grew by 0.51 per cent on a year on year basis showing a steady improvement in the economy following the 2020 Q4 GDP rate of 0.11 per cent. Growth however, improved further in second quarter 2021 with a positive GDP growth rate of 5.01 per cent.<\/p>\n

The negative quarterly growth in Q2 and Q3 2020 resulted in a recession, this also led to a negative compared to the first and second quarters of 2020, the performance in 2021 indicated a decreased annual growth rate of -1.92 per cent for 2020, compared to 2.27 per cent in 2019 on a year-on-year basis.<\/p>\n

<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Nigerians and other residents in the country spent N54.84 trillion on household consumption in normal terms, according to the National Bureau of Statics (NBS). 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