Real estate sector contracted by 17.18% –NBS

 

The real estate services sector contracted by 17. 18 per cent in the second quarter of the year, statistics available from the National Bureau of Statistics have shown .

The NBS disclosed this in its second quarter report on the country’ s Gross Domestic Product report .

Part of the report said , “ In nominal terms , real estate services in the second quarter of 2020 declined by 17. 18 per cent per cent , or 19. 27 per cent points lower than the growth rate reported for the same period in 2019 and lower by 18. 31 per cent points compared to the preceding quarter. ”

Quarter -on -quarter , the sector growth rate was lower by 1. 24 per cent.

The contribution to nominal GDP in Q 2 2020 stood at 5. 23 per cent as against 6. 35 per cent recorded in Q 2 2019 but same as the value in Q 1 2020.

Real GDP growth recorded in the sector in the second quarter of 2020 fell by 21. 99 per cent, lower than the growth recorded in Q 2 2019 by 18. 15 per cent points, and 17. 24 per cent points relative to Q 1 2020.

Quarter -on -quarter , the sector declined by 2. 71 per cent in the second quarter of 2020.

It contributed 5. 30 per cent to real GDP in Q 2 2020, lower than the 6. 43 per cent it recorded in the corresponding quarter of 2019.

In the NBS report , Nigeria ’ s GDP decreased by 6. 10 per cent ( year - on -year) in real terms in the second quarter of 2020, ending the third year trend of low but positive real growth rates recorded since the 2016/17 recession.

The decline was largely attributable to significantly lower levels of both domestic and international economic activity during the quarter, which resulted from nationwide shutdown aimed at containing the COVID - 19 pandemic.

The domestic efforts ranged from initial restrictions of human and vehicular movement implemented in only a few states to a nationwide curfew , bans on domestic and international travel , closure of schools and markets among others , affecting both local and international trades .