Aviation sector’s GDP grows by 4.98% in Q2 2021
The real Gross Domestic Product (GDP) growth rate of Air transport, under the Transportation and Storage sector, increased by 4.98% in second-quarter 2021, from a contrast of -11.78% recorded in Q1 2021.
This was disclosed by the National Bureau of Statistics (NBS) in its Q2 2021 GDP report.
There are six activities that make up the Transportation and Storage sector, which are Road Transport; Rail Transport and Pipelines; Water Transport; Air Transport; Transport Services; and Post and Courier Services.
Highlights of the sector
* The sector grew by 112.56% in nominal terms in the second quarter of 2021 (year on year).
* This rate was higher relative to the figure of -41.63% recorded for the corresponding quarter of 2020 and -9.25% in the previous quarter.
* All the six sub-activities under Transport and Storage industry recorded positive growth rates in the second quarter of 2021. Quarter on quarter growth stood at -5.60%.
* Transport activities contributed 2.09% to Nominal GDP in Q2 2021, an increase from the 1.13% recorded in the corresponding period of 2020, but lower than 2.16% recorded in the first quarter of 2021.
* In real terms, the Transportation and Storage sector grew by 76.81% in Q2 2021. This rate represented an increase of 126.03% points relative to the same quarter of the previous year, and an increase of 98.70% points relative to the preceding quarter.
* For the first half of 2021, growth stood at 6.30% compared to -20.47% in 2020. Quarter on quarter, growth was -9.50%.
* The contribution of the sector to real GDP in Q2 2021 stood at 1.26%, an increase from 0.75% recorded a year earlier but lower than 1.38% recorded in the first quarter of 2021.
What you should know
In Q1, 2021, the real GDP growth rate of the aviation sector contracted by -11.78% in the first quarter (Q1) of 2021 from -51.69% in Q4 2020 and 5.68% in Q1 2020.
Nairametrics reported that the real GDP growth rate of the aviation sector contracted by 36.96% in 2020 compared to the 13.17% recorded in 2019.
The NBS tweeted, “Air Transport under Transportation & Storage real GDP contracted -51.69% compared to -38.86% in Q3 2020 & -14.98% in Q4 2019. 2020 Air transport real GDP contracted -36.98% compared to 13.17% in 2019.”
Prior to 2019, the Aviation Industry contributed N149.35 billion to the country’s gross domestic product in 2018, representing 0.12%, but in 2019, the figure increased due to political activities in Nigeria.
