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April 14, 2024

Agriculture, Forestry, Fishing Record Highest Growth at 91.87% on QOQ in Q3 2023- NBS

The National Bureau of Statistics said on a quarter-on-quarter basis, agriculture, forestry, and fishing recorded the highest growth rate at 91.87 per cent.

“This was followed by activities of extraterritorial organisations and bodies with 80.25 per cent.”NBS added. 

This was made available in the VAT Q3 2023 Report released in Abuja on Monday.

The report showed that the aggregate Value Added Tax stood at N948.07b in Q3 of 2023.

According to the report, a growth rate of 21.34 per cent on a quarter-on-quarter basis from N781.35b in Q2 2023.

It said local payments recorded were N522.08b, while foreign VAT payments contributed N204.58b and import VAT contributed N221.41b in Q3 2023.

Part of the reports read: “On the other hand, real estate had the lowest growth rate with -37.68 per cent, followed by construction with -9.54 per cent.”

In terms of sectoral contributions, the report showed the top three largest shares in Q3 2023 were manufacturing with 26.51 per cent, information and communication with 19.04 per cent, and financial and insurance activities with 12.31 per cent.

“Activities of households as employers and undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.02 per cent.

“This was followed by water supply, sewerage, waste management, and remediation activities with 0.06 per cent.

The report, however, said that on a year-on-year basis, VAT collections in Q3 2023 increased by 51.60 per cent from Q3 2022.

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