National Income Statistics

Explain what is meant by 'real GDP'.

Fig. 1.2 shows that production in Nigeria’s oil sector declined sharply from Q1 of 2016. During this period, total national output for Nigeria fell by an annual rate of only around 2%.

What can be inferred from this about the relative importance of the non-oil sectors in Nigeria?

Calculate the percentage of Nigeria’s national output that is accounted for by Lagos.