Latest figures from the National Bureau of Statistics (NBS) indicate that the Real contribution to GDP in the first quarter of 2023 was 10.13 per cent, lower than the 10.20 per cent recorded in the corresponding period of last year.
The report shows that the first quarter’s Gross Domestic Product figure was 8.72 per cent, indicating growth from the previous quarter’s 8.40 per cent.
The manufacturing sector comprises 13 activities: oil refining; cement; food, beverages and tobacco; textile, apparel, and footwear.
Others are wood and wood products; pulp paper and paper products; chemical and pharmaceutical products; non-metallic products, plastic and rubber products.
Also included in the list are electrical and electronic; basic metal and iron and steel; motor vehicles and assembly; and other manufacturing.
The report indicates that nominal GDP growth in the manufacturing sector in the first quarter of 2023 was 17.85 per cent (year-on-year), an increase of 6.13 percentage points over the figure recorded in 2022 (11.2 per cent) and an increase of 8.99 percentage points over the figure recorded in the preceding quarter (8.86 per cent). Quarter-on-quarter, growth of the sector was recorded at 5.05 per cent during the quarter.
The contribution of manufacturing to nominal GDP in the first quarter of 2023 was 15.70 per cent, higher than the figure recorded in the same period of 2022 at 15.06 per cent and higher than the fourth quarter of 2022 at 13.49 per cent.
Real GDP growth in the manufacturing sector in the first quarter of 2023 was 1.61 per cent (year-on-year), lower than the same quarter of 2022 and lower than the preceding quarter by 4.28 percentage points and 1.22 percentage points respectively. The growth rate of the sector on a quarter-on-quarter basis stood at 1.63 per cent.
The slight drop in manufacturing GDP is connected to the perennial challenges that have continued to bedevil the sector.