The June quarter and financial year GDP data will be out later this morning in the National Accounts and there’s growing indications they will be a bit stronger than expected.
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After the foreign trade and government spending figures on Tuesday, a number of economists raised their June quarter GDP forecasts, bringing the median up from 0.3 per cent to 0.4 per cent growth, for an annual rate of 3.2 per cent. This is the second consecutive sharp decline in CDMA subscriber numbers. This was mainly generated by professional, scientifi c and technical activities; administrative and support service activities which increased by €19.5 million or 8.5 per cent; public administration and defence; education; human health and social work activities which increased by €19.5 million or 5.3 per cent; information and communication which increased by €11.2 million or 10.1 per cent.
According to report, GSM technology has proven to be easier to switch networks, and is regarded as being more accessible for worldwide use, especially given that some markets (such as in Europe) have mandated the technology by law.
“In June 2016, there were 149,803,714 subscribers compared with 148,775,410 in June 2015, which represents an increase of 0.69 per cent” the report says. Fixed wired and wireless make up 0.08 per cent and 0.03 per cent, respectively.
That’s in line with the nation’s long-term trend rate of 3.2 per cent. In both percentage and absolute terms, the year-on-year increase in GSM subscriber numbers have been falling steadily over the past 12 months.
Although, the bureau explained that given that this provider had seen declines in the previous two quarters this was only equivalent to a year on year increase of 0.28 per cent.
“The Netherlands holds the record for the longest expansion at 103 quarters”.
But after major revisions to reinvested earnings by companies, the March quarter current account deficit was revised down to $14.8 billion by the Australian Bureau of Statistics.
Gross Value Added (GVA) increased by €86.4 million when compared to the same quarter previous year.
There were a total of 61,754 incoming porters in the second quarter of 2016 (across all three months). “This is a result of revisions to data reported to the ABS in the March quarter 2016”, the ABS said.
This improvement was however triggered largely due to the depreciation in the value of the naira.
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The terms of trade, the ratio of export prices to import prices, rose by 2.3 per cent. Other products exported by Nigeria include “animal and vegetable fats and oils and other cleavage prod.” at N55.7 billion, or 3.0 per cent, “base metals and articles of base metals” at N28.4 billion, or 1.5 per cent, and “prepared foodstuff; beverages, spirits and vinegar; tobacco” at N16.2 billion or 0.9 per cent. “However, CDMA is more prevalent in the United States”, the NBS noted.
