The Gross Domestic Product (GDP) has revealed a growth of 2.54% year-on-year in real terms during the third quarter of 2023.
This increase surpasses the 2.25% recorded in the same quarter of the previous year and outshines the 2.51% growth seen in the second quarter of 2023.
The National Bureau of Statistics, as revealed in their latest Gross Domestic Product Report for Q3 2023, indicated the role played by the Services sector in propelling this economic surge.
With a growth rate of 3.99%, the Services sector contributed significantly, accounting for 52.70% of the overall GDP, positioning it as a key driver of the country’s economic resurgence.
Despite challenges faced by other sectors, the third quarter of 2023 witnessed positive developments.
The Agriculture sector, while experiencing a slight dip from the same period in 2022, still registered a commendable growth of 1.30%.
Meanwhile, the Industry sector rebounded impressively, recording a growth of 0.46%, a stark improvement from the -8.00% reported in the third quarter of 2022.
The latest report indicates a shift in the contribution of Agriculture and Industry to the GDP, with these sectors playing a less dominant role compared to the same quarter in 2022.