NBS Discloses, Household Consumption Expenditure Increase by 3.3 percent

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The National Bureau of Statistics, NBS, has disclosed that real household consumption expenditure grew year-on-year by 3.3 percent in the second quarter of 2023 (Q3’23).

This was disclosed in its Nigerian Gross Domestic Product (Expenditure and Income Approach) Report for Q1 and Q2 2023.

The bureau stated that household final consumption, in real terms, grew by -24.95 percent and 3.30 percent in Q1 and Q2 of 2023 respectively, on a year- on-year basis.

Moreover, the growth rate of Q1’23 was lower compared to the growth rate of the corresponding quarter of 2022 which was 8.66 percent and Q2 of 2023 was higher than Q2 of 2022 which recorded -5.21 percent.

Written by: Helen Obih

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