NBS: National Disposable Income Declined by 1.52% in 2017

• NBS: National Disposable Income Declined by 1.52% in 2017

The National Disposable Income ( NDI) in Nigeria declined by 1.52 per cent in 2017, largely due to the continuous decline in the operating surplus which recorded a negative annual growth rate of –2.11, the National Bureau of Statistics (NBS) has reported in the just-released ‘Nigerian Gross Domestic Product Report (Expenditure and Income Approach).

NDI measures all the income, which is available for use by residents and companies in Nigeria.

The report slso indicated that real household consumption and government consumption expenditures generally declined in 2017 at –0.99 per cent.

It however noted that this was an improvement when compared with the -5.71 per cent posted in 2016.

“Household final consumption in 2017 fell by -0.99% from 2016 in real terms, although it increased by 9.77% nominally.

“The decline in real household consumption was an improvement on the –5.71% recorded in 2016. Weak household consumption growth indicates weak recovery of the domestic economy, while the nominal growth reflects the increase in prices over the year of 2017.

“This component accounted for 58.93% of real GDP in 2017.

“In the first two quarters of 2017, real household final consumption recorded both year-on-year and
quarter-on-quarter growth.

“However, consumption declined sharply in the third quarter (-11.88%) in real terms on a year-on-year basis.

“The positive growth in consumption in the last quarter of 2017 was not enough to offset the decline in the third quarter,” the report said.

Net exports also grew significantly in real terms in 2017, a development, the NBS stated, was mainly driven by the strong performance in the third quarter.