ICT contribution to GDP drops QoQ
By Jeph Ajobaju, Chief Copy Editor
Information and Communication Technology (ICT) yield for Gross Domestic Product (GDP) dipped 9 per cent from N3.1 trillion in the fourth quarter ended December 2021 (Q4 2021) to N2.81 trillion in Q1 2022.
Total GDP was N20.33 trillion in Q4 2021 and N17.35 trillion in Q1 2022.
ICT contributed 15.21 per cent in Q4 2021 and 16.20 per cent in Q1 2022, according to the latest data released by the National Bureau of Statistics (NBS).
The NBS classifies ICT into
- Telecommunications and information services
- Publishing
- Motion picture
- Sound recording
- Music production
- Broadcasting
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Breakdown of contribution
Telecommunication and information services fetched N2.25 trillion or 79.88 per cent of the total N2.81 trillion ICT contribution to GDP in Q1 2022 and N2.56 trillion or 82.89 per cent of the total N3.1 trillion in Q4 2021.
“Quarter-on-Quarter, the sector exhibited a growth of -9.09 per cent in real terms,” said the NBS, according to The PUNCH.
“Of total real GDP, the sector contributed 16.20 per cent in 2022 first quarter, higher than in the same quarter of the previous year in which it represented 14.91 per cent and higher than the preceding quarter in which it represented 15.21 per cent.”
“Of total real GDP, the sector contributed 15.21 per cent in 2021 fourth quarter, higher than in the same quarter of the previous year in which it represented 15.06 per cent and higher than the preceding quarter in which it represented 14.20 per cent.”
ICT yielded 9.88 per cent for GDP in Q4 2021 and 10.55 per cent in Q1 2022.
Total nominal GDP was N49.28 trillion in Q4 2021 and N45.32 trillion in Q1 2022. ICT contribution to nominal GDP slashed 1.80 per cent from N4.87 trillion in Q4 2021 to N4.78 trillion in Q1 2022.
Gross output for the telecommunication and information services subsector is derived from revenue from telephone, telex, facsimile, telegraph, and other income from satellite and internet services, the NBS explained.