According to the most recent data from the National Bureau of Statistics (NBS), Nigeria’s economy experienced a modest growth of 2.51% in the second quarter of 2023. This is a slight increase from the 2.38% growth recorded in the first quarter of the year.
It is also worth noting that this marks the fourth consecutive quarter of positive growth since the recession of 2020.
And one of the sectors that experienced growth is Accommodation and Food Services, albeit in nominal terms.
According to the NBS, hotels, restaurants and other allied businesses grew by 6.36% year -on- year in 2023 second
quarter.
The report said this represents a decrease of 15.59% points relative to the same quarter of 2022 when the
growth rate was 21.95%.
“Growth was lower than in the preceding quarter by 13.18% points when growth was 19.54%. Quarter-on-quarter growth stood at -58.83%. Accommodation and Food Services contribution to nominal GDP stood at 0.48% in the second quarter of 2023, lower than the figure recorded in the previous year and lower than the first quarter of 2023 contribution recorded at 0.52% and 1.19% respectively,” the report stated.
According to the National Bureau of Statistics (NBS), the growth rate of a certain sector in the second quarter of 2023 was 3.39% compared to 3.03% in the previous year, showing an increase of 0.36%.
However, the growth rate was lower by 0.20% compared to the preceding quarter, which recorded 3.59%. Quarter-on-quarter, the real growth rate was -60.76%. This particular sector contributed 0.40% to the real GDP in the second quarter of 2023, which is slightly higher than the contribution of 0.39% recorded in the same period of 2022, but lower than the contribution of 1.01% in the first quarter of 2023.
