Aviation’s real GDP growth rate contracts by -11.78% in Q1 2021

Aviation’s real GDP growth rate contracts by -11.78% in Q1 2021

The real Gross Domestic Product (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.

This was disclosed by the National Bureau of Statistics in its Q1 2021 GDP report on Sunday.

It tweeted, “Air Transport under Services GDP contracted -11.78% compared to -51.69% in Q4 2020 & 5.68% in Q1 2020.

“Transport Services under Services GDP contracted -0.50% compared to -2.73% in Q4 2020 & -1.38% in Q1 2020.”

 

What you should know

Nairametrics had 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.



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