Aviation sector’s GDP grows by 4.98% in (Q2 2021)

The real Gross Domestic Product (GDP) growth rate of Air transport, under the Transportation and Storage sector, increased by 4.98% in second-quarter 2021, from a contrast of -11.78% recorded in Q1 2021.

This was disclosed by the National Bureau of Statistics (NBS) in its Q2 2021 GDP report.

There are six activities that make up the Transportation and Storage sector, which are Road Transport; Rail Transport and Pipelines; Water Transport; Air Transport; Transport Services; and Post and Courier Services.

Highlights of the sector
* The sector grew by 112.56% in nominal terms in the second quarter of 2021 (year on year).

Investment One
* This rate was higher relative to the figure of -41.63% recorded for the corresponding quarter of 2020 and -9.25% in the previous quarter.

* All the six sub-activities under Transport and Storage industry recorded positive growth rates in the second quarter of 2021. Quarter on quarter growth stood at -5.60%.

* Transport activities contributed 2.09% to Nominal GDP in Q2 2021, an increase from the 1.13% recorded in the corresponding period of 2020, but lower than 2.16% recorded in the first quarter of 2021.

* In real terms, the Transportation and Storage sector grew by 76.81% in Q2 2021. This rate represented an increase of 126.03% points relative to the same quarter of the previous year, and an increase of 98.70% points relative to the preceding quarter.

* For the first half of 2021, growth stood at 6.30% compared to -20.47% in 2020. Quarter on quarter, growth was -9.50%.

* The contribution of the sector to real GDP in Q2 2021 stood at 1.26%, an increase from 0.75% recorded a year earlier but lower than 1.38% recorded in the first quarter of 2021.