Residents in the country spent N108.47tn on household consumption in 2021 in nominal terms, the National Bureau of Statistics (NBS) has said.
The NBS made the disclosure in its recent Expenditure and Income Gross Domestic Product report released on Wednesday.
According to the report, the figure is higher than the N97.72tn recorded in 2020, showing an increase of 11 per cent amid double-digit inflation.
The bureau stated that household consumption accounted for the biggest share of the expenditure GDP, which includes imputed expenditure incurred by resident households on individual consumption goods and services.
In the first quarter of 2021, the NBS said household consumption expenditure was N25.62tn, dropping to N24.28tn in Q2 2021.
An increase to N28.53tn was recorded in Q3 2021, and a further increase to N30.04tn in Q4 2021.
The report further disclosed that in nominal terms, there was a 10.92 per cent and 6.12 per cent increase in the third quarter and further quarter of 2021, respectively.
The report read in part, “In nominal terms, household final consumption expenditure grew by 10.92 per cent in Q3, and 6.12 per cent in Q4 2021. The annual growth rate of 11.00 per cent was recorded in 2021. This growth rate was lower by 20.59 percentage points than figure recorded in the previous year which stood at -9.59 per cent.
“On a quarter-on-quarter basis, growth was recorded at 17.53 per cent in Q3, and 5.29 per cent in Q4 2021, compared to the preceding year’s of 22.58 per cent, and 10.05 per cent in the corresponding quarters. Household consumption accounted for 70.85 per cent of real GDP at market prices in Q3 2021, and 71.35 per cent in Q4 2021.”
This article was originally published on Nigeria News