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September 26, 2023

Agriculture, Others Record Lowest Growth in Q2 2023

Agriculture, Forestry and Fishing recorded the lowest growth rate, after undifferentiated goods- and services-producing activities of households,  in the second quarter (Q2) of 2023, the National Bureau of Statistics (NBS) has disclosed in its recent report.

According to the report, value added tax (VAT) for Q2,  2023 grew marginally by 10.11% to N781.35 billion from N709.59 billion recorded in Q1.

Local payments recorded were N512.03 billion, foreign VAT payments were N142.63 billion, while import VAT contributed N126.69 billion in Q2 2023.

On a quarter-on-quarter basis, the activities of extraterritorial organizations and bodies recorded the highest growth rate at 212.06%, followed by real estate activities at 123.09%.

On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with -57.06%, followed by agriculture, forestry, and fishing with -32.86%.


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