The preliminary Q2 2017 GDP results, which was exclusively obtained from presidency sources, had been embargoed by the NBS at the weekend until the official release of the report today.

The Q2 2017 growth rate of 0.55 per cent was 2.04 per cent higher than the rate recorded in the corresponding quarter of 2016 & higher by 1.46 per cent points from rate recorded in the preceding quarter, which was revised to -0.91% from -0.52% due to revisions to crude output for March 2017.

The results revealed that Oil GDP recovered significantly from -11.63 per cent in Q2 2016 & -15.40 per cent in Q1 2017 to 1.64 per cent in Q2 2017.

While Oil GDP expanded considerably in the second quarter of 2017, Non-oil GDP only grew at 0.45 per cent, down from 0.72 per cent in the preceding quarter & -0.38 in the corresponding period in 2016.

It also showed that agriculture continued its strong & positive growth, which it had maintained throughout the recession, growing by 3.01 per cent in Q2 2017, from 3.39 per cent in Q1 2017 & 4.53 per cent in Q2 2016.

Manufacturing retained its positive growth for the second consecutive quarter in Q2 2017, growing at 0.64 per cent compared to 1.36 per cent in Q1 2017 & -3.36 per cent in Q2 2016, while trade which has a dominant share of GDP remained negative at -1.62 per cent, but the contraction in the sector decelerated from the -3.08 per cent recorded in Q1 2017.

Electricity & gas & financial institutions sectors also recorded strong growths, with electricity & gas growing by 35.5 per cent, compared to -5.04 per cent in Q1 2017 & -10.46 per cent in Q2 2016 & financial institutions growing by 11.78 per cent in Q2 2017, compared to 0.60 per cent in Q1 2017 & -13.24 per cent in Q2 2016.

As a percentage of GDP, services retained the giant share of GDP at 53.73 per cent in Q2 2017, down by 1.94 per cent points from the first quarter of 2017 & 54.80 per cent in Q2 2016; industries accounted for 23.31 per cent of GDP, compared to 22.90 recorded in Q1 2017 & 22.65 per cent in Q1 2016; while agriculture accounted for 22.97 per cent of GDP in the quarter under review, compared to 21.43 per cent in Q1 2017 & 22.55 per cent in Q2 2016.