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Sci-Afric Publishers

Sci-Afric Research Journal of Accounting and Monetary Policy.Vol. 1 (2),

Pp. 102-108, February, 2015.

Full Length Research Paper

Economic Growth: Oil and Gas Contributions

Donwa PA., Mgbame CO., and Ekpulu GA*.

Department of Accounting, Faculty of Management Sciences, University Of Benin, Edo State, Nigeria.

*Corresponding Authors E-mail:

Accepted February 13th, 2015


The broad objective of this paper is to examine the contributions of oil and gas sector to economic
growth. The paper gave a composition of the Nigeria oil and gas sector. The contributions of oil and gas
sector to economic growth was explored in this study which includes; oil revenue generation, attraction
of foreign direct investment, and healthy foreign exchange reserve. The paper also gave the contribution
of oil and gas sector to the Nigerian Gross Domestic Product (GDP). The paper gave useful
recommendations as to future researches in this area of interest. The paper also recommended that
government should continue to put measures in place that will sustain and improve the revenue
generation from oil and gas sector and such revenue should also be properly utilized. Finally, emphasis
should also be placed on other sectors so as to diversify the Nigerian economy.

Key words: Gross Domestic Product, Oil revenue, foreign reserves and economic growth.


In the last decades of the 20th century, there was an inverse relationship between natural resources abundance and
economic growth (Auty, 2001). Developing countries with abundant natural resources underperformed compared with those that
are deficient in natural resources (Ranis, 1991; Lal and Myint, 1996; Sachs and Warner, 1995, 1999; Auty, 2001). Specifically, the
per capita incomes of the resource poor countries increased at rates or three times faster than those of the resource abundant
countries. The growth rate equally widened significantly since 1970s.
Nigeria is a natural resource abundant country. In particular, over the past fifty years, the countrys oil subsector has grown
phenomenally. Both production and exports have increased enormously since commercial production in 1958. For example, crude
oil production increased from 395.7 million barrels in 1970 to 776.01 million barrels in 1998. The figure increased to 919.3 million
barrels in 2006. According to Nigerian National Petroleum Corporation (2014), the current production of crude oil stands at 2.5
million barrels per day while reserves of crude oil stand at 28.2 billion barrels. Natural gas reserves total 165 trillion standard cubic
feet (scf) including 75.4 trillion scf of nonassociated gas.
The huge revenue from oil of course presented net wealth and thus provided opportunity for increased expenditure and
investment; however it also complicated macroeconomic management and made the economy highly oil dependent. In spite of the
huge revenue from oil, the economy still grapples within many problems including high and rising unemployment rate, declining
manufacturing production, high and rising level of poverty and poor infrastructural development (Akinlo, 2012). Thus, the dismal
growth of the Nigerian economy in the face of huge revenue from oil has rekindled interest on the importance of oil in the growth
and development process in Nigeria.
The motivation for the study is birthed on the paucity of comprehensive literature on this area of interest. Also, local
researches done on oil and gas accounting and economic growth are scanty. Among the few work done such as odularu (2008)
and Ogbonna and Ebimobowei (2012), there were observed methodological and time series defects. For instance, in the work of
Odularu (2008), the data used spanned 1970 to 2005. There is the need to improve on this by using more recent data as the
passage of time had made the work obsolete. Also, the exclusion of proxies such as oil revenue and foreign direct investment in
the oil and gas sector made the study inadequate. In the study of Ogbonna and Ebimobowei (2012), the consideration of only
petroleum revenue in the light of other oil and gas proxies on economy performance may be considered too narrow and needs to
be improved upon.
Ekpulu et al 102

In the light of the above, the objective of this paper is to theoretically examine the contribution of oil and gas sector to
economic growth.
This paper contributes to body of knowledge as follows; the harmonization of literature on oil and gas sector contribution to
economic growth is worthwhile as it provides a more comprehensive literature in this area of interest.
The remainder of this paper is structured thus; section 2: review of relevant literature, section 3; Conclusion and


Theoretical Framework: The Benign Perspective Theory (Resource Abundance and Growth Theory)

The traditional wisdom before the late 80s was that natural resources had positive effect on development (Baghebo, 2012;
Rosser, 2006). This view was shared by many development theorists and neo-liberal economists until the resurgence of new view
in the 80s that claimed that natural resource abundant was not a blessing to the developing countries. The basic argument of the
benign perspective is that natural resource endowments would assist the developing countries to transit from the stage of
underdevelopment to that of industrial take-off, as obtained in such countries as Britain, the United States and Australia.
According to Akinlo (2012), the various channels through which abundance of natural resources like oil sector could contribute to
the economies of the oil producers have been identified in the literature. One, the huge revenues from oil enables the
governments of the oil producing countries to spend and invest massively without recourse to taxation. Revenues from oil, if
properly utilized, could serve as a big push for development. This channel is especially important for developing countries where
paucity of capital often constitutes a major hindrance to growth and development. Moreover, the huge foreign exchange earnings
from oil exports, apart from being used for importing raw material, intermediate and capital goods for production in the non oil
sectors could equally assist in boosting the foreign reserves of the oil exporting countries. The accumulation of foreign reserves
can be seen as collateral which the oil producing economies can use in attracting foreign investment (Dooley, Folkerts-Landu, and
Garber, 2003). Also, such holding can be seen as a costly self-insurance strategy to smoothen vulnerability impacts of domestic
and foreign shocks and to intervene in the foreign exchange market.
Oil sector can also contribute to development in the oil rich economies through provision of intermediate inputs to the rest of
the economy. These intermediate inputs include crude oil, gas and liquid feed stocks, as well as oil and gas into the refining,
petrochemical and electricity and energy intensive industries respectively (Al-Moneef, 2006). This channel is critical to growth and
development in the developing countries (OgbonnaandEbimobowei, 2012). For instance, many outputs of the petrochemical
industries are crucial to the development of the manufacturing industries. Likewise, provision of electricity and other basic utilities
at favourable prices is of considerable importance in the process of growing and nurturing the service and manufacturing sub-
sectors. Growth and development in the oil rich economies could be enhanced through the market contribution from oil. The
market contribution relates to the demand by oil sector for various inputs of goods and services provided by local sources.
Generally, as a result of oil production, refining and distribution, there is tendency for oil sector-related services to spring up.
These oil sector-related services will not only provide opportunity for employment but also serve as sources of earnings for the
operators. Asides the market contribution, the foreign direct investment (FDI) effect is very important. Oil activity often leads to
inflow of foreign resources such as FDI and portfolio investment. Indeed, the bulk of FDI into majority of the countries that export
oil are concentrated in the oil sector. The various channels through which FDI impacts growth and development in the recipient
countries have been extensively discussed in the literature. Specifically, FDI inflows to developing countries not only help in
increasing their stock of capital but may also assist in boosting labour productivity and incomes in the host country. Consequently,
the levels of output, employment creation, and potential tax revenues are enhanced in the host countries (Ramirez, 2006).
Empirically, few studies have provided results in support of the benign perspective on the impact of natural resources on
economic growth and development. Some of these studies not only reported that resource abundance had positive impact on
growth and development but also found that resource dependence had no adverse impact on growth.
Several empirical studies have confirmed the inverse relationship between natural resources and economic development.
Some other reasons why resource-rich countries might suffer resource curse are reduced returns to human investments
precipitated by natural resource exploitation (Gylfason, 2001) and poor economic management that leads to inefficient resource
allocation (Rosser, 2006). All in all, while there are strong theoretical grounds to support a broad correspondence between natural
resource abundance especially oil and low growth, the nature of the linkage is neither direct nor simple. Empirical literature has
not provided conclusive answer to whether abundant natural resource is a curse or blessing. Even among studies that claimed the
curse of natural resources actually exist, there is no agreement on what exactly drives the curse of the natural resources and on
how it exactly plays out. This explains why further research should be focused on the causal link between natural resource
abundance and growth in the resource rich economies.

Industry Definition

According to Odularu (2008), the activities of the petroleum industry can be divided into two broad categories; upstream and
downstream. Upstream activities involve the acquisition of mineral interest in properties, exploration (including prospecting),
development and production of crude oil and gas. Downstream activities involve transporting, refining and marketing of oil, gas
and derivatives. Nigerian Investment Promotion Commission Act No 16 of 1995 (NIPC Act) further described upstream operation
as all operation necessary to separate gas from the reservoir into usable form at utilisation or designated custody transfer points,
either through pipelines or tankers. This operation is to help reduce or completely eliminate gas flaring. NIPC Act described the
Ekpulu et al 103

downstream operation as the marketing and distribution of gas for domestic and industrial uses. This domestic and industrial
usage would include power generation, Liquefied Natural Gas (LNG), household and factory consumption. In US, oil and natural
gas industry encompasses a number of activities that span separate industry classifications in government economic data. Oil and
natural gas exploration and production is included in the mining sector, oil refining is part of the manufacturing sector, pipeline
operations are included in the transportation sector, natural gas distribution is in the utilities sector and oil marketing is considered
part of the wholesale and retail trade sector. According to PricewaterhouseCoopers (2013), the US oil and gas industry
encompasses all the above mentioned activities.


The contributions of the oil and gas sector to any economy could be appraised from the following perspectives discussed in
the following sub sections.

Foreign Direct Investment

A major area through which oil industry contributes to the Nigerian economy is in the attraction of foreign direct investment
(FDI). It is widely known that FDI is the distinct and most important vehicle for driving the globalisation of the international
economy (Akinlo, 2012).The economic benefits such as increased employment, technological transfers and healthy business
competition are among the reasons countries are desperate to attract FDI to their home states. Mores so, inflows from foreign
investment, particularly FDI is perceived to usher positive impact on economic growth of host country through various direct or
indirect channels. FDI supports domestic investment which is paramount to the achievement of sustained growth and
development (Olokoyo, 2012). Nigeria has attracted a lot of FDI particularly into the oil sector over the years through her tax
incentive programme for the sector and given the huge and bright potentials of this sector, it is likely that more new investment
and reinvestment will be attracted. The revenue there from provides the opportunity for the host country to develop herself.
The steady removal of obstacles to foreign investment in other countries with similar resources has led to governments
competing among themselves to promote their countries as prime investment locations. FDI incentives have been seen by some
to be discriminatory as it often involves the preferential treatment of foreign investors as opposed to domestic investors. Countries
desperate to attract FDI have employed particularly low corporate tax rates which also include preferential tariff regimes, most of
which target specific sectors of the economy. It can be inferred that incentives are created to lure foreign investors who have the
funds that the home country lack for the growth of their economic infrastructure. These incentives are not necessarily made
available to domestic investors who are citizens of the host country. The incentives the Nigerian government provides fall within
the ambit of low corporate tax and preferential tariff regimes.

Tax Incentives; a means of attracting Foreign Direct Investment in the Nigerian Oil and Gas Sector

Although more fundamental issues like market size, access to raw materials, safety of investors and their investments and the
availability of skilled labour are important factors that attract FDI, most developing countries seem to lean towards tax incentives.
These incentives are seen as concessions given as opposed to the general tax regime which operates in the host country. The
Nigerian government has tax policies specifically tailored to fit FDI in the oil and gas sector; this is done with the intent of making
the exploration and production of oil and gas more attractive to foreign investors. The law that governs and regulates FDI policies
in Nigeria is the Nigerian Investment Promotion Commission Act No 16 of 1995 (NIPC Act); the Nigerian Investment Promotion
Commission (NIPC) is the body which regulates the policies. The NIPC has policies regarding the two main operational sectors of
the oil and gas industry in Nigeria. These operational sectors are- The Upstream and Downstream operations. With respect to the
tax incentives offered in the upstream sector, the NIPC is somewhat silent; instead, it states: Fiscal Arrangement is to be reviewed
as follows:
All investment necessary to separate oil and gas from the reservoir into usable products is considered part of the oil
field development;
Capital investment facilities to deliver associated gas in usable form at utilisation or designated custody transfer points
will be treated for fiscal purposes as part of the capital investment for oil development;
The capital allowances, operating expenses and basis of assessment will be subjected to the provisions of Petroleum
Profit Tax (PPT Act) and fiscal incentives under the revised Memorandum of Understanding (MOU).
In light of the position of this paper, it could be inferred that the NIPC in its policies and on its official site does not make the
template MOU or tax incentives offered upstream operations public. It can thereby be inferred that only the Nigerian government
and the oil and gas companies in upstream operations sector are privy to the MOU.
In the downstream sector, NIPC clearly states the tax incentives made available to this sector, they include;
Companies engaged in gas utilisation as explained above, are to be subject to the provisions of Companies Income Tax
An initial tax holiday for three years, renewable for an additional two years, will be granted to such enterprises subject to
satisfactory performance of the enterprises. The tax relief period of the company is to commence on the first production
day of the company;
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Accelerated capital allowances after a tax holiday are available as follows: Investment in plant and machinery; 90%
annual allowance with 1%retention and Additional Investment Allowance of 15% which will not reduce the value of the
The dividends distributed during tax holiday to investors in respect of investments in foreign currency or introduction of
plant and machinery of not less than 30% of the equity of the company shall be tax free.

Fully appreciating that the use of associated gas will prevent environmental hazards of air pollution caused by gas flaring,
Government gave additional incentives in 1998 to support the gas industry in the following areas:
All gas development projects, including those engaged in power generation, liquid plants, fertilizer plants, gas
transmission and distribution pipelines, are to be taxed under the provision of Companies Income Tax Act (CITA)
and not the Petroleum Profit Tax Act. For the avoidance of doubt, where there is an integrated oil and gas project, the
oil operation which is to be taxable under the PPT is to be separated from the gas operation project for the latter to
enjoy the concession of being taxed under CITA. All expenditure pertaining to the integrated oil and gas project would
be chargeable under the PPT.
All fiscal incentives under the gas utilization downstream operations in1997 are to be extended to industrial projects
that use gas, i.e. power plant, gas to liquid plant, fertilizer plant, gas distribution and transmission pipeline.
The initial tax holiday period is to be extended from 3 to 5 years
Gas is transferred at 0% PPT and 0% Royalty.
The Investment Capital Allowance is increased from 5% to 15%.
Interest on loan for gas project is to be tax deductible provided that prior approval is obtained from the Federal
Ministry of Finance before taking the loan.
All dividends distributed during the tax holiday shall be tax free.
All these among various other tax incentives have been offered foreign investors in the oil and gas sector with the hopes of
luring them to invest in Nigerias oil marketing and distribution industry (

Oil and Gas Revenue

Findings from empirical study by Baghebo and Atima (2013), shows that oil revenue had a significant negative impact on
Real GDP. From their analysis, a unit change in oil revenue brings about a fall in GDP. However, Ogbonna and Ebimobowei
(2012) posits that the economic impact of oil and gas sector stems from oil revenue, petroleum profits tax and licensing fee among
others. Oil is the dominant source of government revenues, accounting for about 90% of total export and this approximates to
80% of total government revenue. Since the oil discoveries in the late 1950(s), oil has become the dominant factor in Nigerias
economy. The problem of low economic growth of Nigeria cannot be attributed solely to instability of earnings from the oil sector,
but as a result of failure by government to utilize productively the financial windfall from the export of crude oil from the mid-
1970(s) to develop other sectors of the economy. In view of the huge revenue from the oil and gas sector, Nigerian economy has
the potentialities of becoming one of the twenty leading economies in the world in no distant time if their abundant crude oil
wealth, human and natural resources are properly managed and corruption mitigated (Nafziger, 2006; Ibaba, 2005). In addition,
petroleum profit tax and licensing fees also constitute revenue from the oil and gas sector which if properly utilized will impact
positively on the Nigerian economy.

Foreign Exchange Reserves

This is another important aspect of the oil industrys contribution to the Nigerian economy which could not have come at a
more opportune moment because the country is embarking upon a massive programme of industrialization and economic
development which postulates huge imports of capital goods and specialized services involving massive expenditure of foreign
exchange. In many underdeveloped countries, especially those that depend heavily on a narrow range of primary commodities,
acute shortages of foreign exchange often exacerbated by massive declines in world commodity prices constitutes a major
obstacle to effective economic development. According to Odularu (2008), the oil industry in Nigeria now has substantial foreign
exchange reserves and is in the healthy position of being able to finance the foreign exchange cost of her development
Apart from the above mentioned economic impact of the oil and gas sector, it provides tremendous advantages for Nigerian
consumers and businesses in the form of reliable, affordable and clean fuel for power generation, manufacturing and other
industries; feedstock for chemical and agricultural products; and jobs opportunities. Oil and natural gas industry has a widespread
economic impact throughout all sectors of the economy. These impacts result directly from the employment and production within
the oil and gas industry, indirectly through the industrys purchases of intermediate and capital goods and by the personal
purchases of employees and business owners both within the oil and natural gas industry and out of the supply chain to the
industry and from dividends received from oil and natural gas companies. According to PWC (2013), the economic impact of the
oil and gas sector could be classified into the direct impact, indirect impact and the induced impact. The direct impact is measured
as the jobs, labour income and value added within the oil and natural gas industry. The indirect impact is measured as the jobs;
labour income and value added occurring throughout the supply chain of the oil and natural gas industry. The induced impacts are
the jobs, labour income and value added resulting directly or indirectly from the oil and natural gas industrys spending.
Ekpulu et al 105

According to Akinlo (2012), the contributions of a product or sector to national economy can be measured by its size in the
GDP. Nigerias Gross Domestic Product (GDP) at 1990 constant prices stood at N0.72 trillion, or $4.78 billion, in 2009 in contrast
to about N0.67 trillion, or $5.67 billion, in 2008. In perspective, this implies that the 2009 real GDP is 223.3% of that of 1997 (N0.3
trillion or $4.2 billion); meaning that Nigerias real GDP increased by about 123.3% in twelve years. If historical trends are
maintained, the size of the Nigerian economy could reach about US$1.5 trillion GDP in 2020. Relative to the size of some
comparator economies in 2008 for which latest data are available, Nigerias real GDP performance was 0.25% and 2.84% of
Chinas ($2.3 trillion) and South Africas ($0.2 trillion). Real non-oil and oil-GDP for Nigeria in 2009, stood at about N0.60 trillion
and N0.12 trillion as against N0.67 trillion and N0.12 trillion in 2008 respectively. A modest structural change was observed in the
economy between 2008 and 2009. The contribution of agriculture to real GDP growth declined from 42.13% in 2008 to 41.7% in
2009 while the share of oil and gas sector moderated to 16.29% from 17.35%. The declining fortunes of the oil and gas sector
occasioned by the Niger Delta crisis were responsible for the marginal shift in structure. However, the deepening of reforms in the
telecommunications sector further upped its share to GDP from 2.85% in 2008 to 3.59% in 2009. Appendix one provides a
comprehensive GDP statistics of Nigeria from 1970 to2013 at current and constant prices including the trends of growth in the
GDP. However, our interest in this statistics is the contribution of the oil sector to GDP and the breakdown of this performance into
oil and non-oil sectors is showed in appendix two.


This paper gave theoretical contributions of oil and gas sector to economic growth in Nigeria. The motivations for the paper
are the lack of comprehensive literatures and scanty research work done in this area. Prior to exploring the various contributions
of oil and gas sector, the resource abundance and growth theory which underpinned the study was explained likewise the
composition of oil and gas sector using Nigeria as case studies.
The various contributions of oil and gas sector as given in this paper were: attraction of FDI, oil revenue contribution to the
Nigerian GDP and a healthy foreign exchange reserve.


In the light of this review, the aforementioned proxies of oil and gas contribution (Oil revenue and foreign direct investment in
the oil and gas industry) should be empirically tested in order to validate their impact on economy growth and probably to reconcile
existing divergent views as to the impact of these proxies on economic growth. In line with Odularu (2008), a recommended model
is adapted below:
GDP = + 1OIL_REVt + 2OIL_FDIt + 3 OIL_FXR+ t (I)
GDP = Proxy for economic growth.
= Intercept.
1 to 3= Unknown coefficients.
Oil_REVt= Total revenue from the oil sector at time t.
Oil_FDIt= Foreign direct investment in the oil sector at time t.
OIL_FXR= Foreign ExchangeReserve in the oil sector at time t
t= Stochastic/error term.

Also, given the huge revenue from the oil and gas sector, government should put measures on ground in order to sustain it
and continue its improvement. In order to effectively foster economic growth, such revenue should be properly utilized. Also,
emphasis should be place in order sectors such as agriculture as statistics have revealed that this sector has the potentials to
further drive the economy if properly harnessed.


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Appendix One: Gross Domestic Product (GDP) of Nigeria from 1970-2013 (Source: CBN Statistical Bulletin)
GDP, bln. GDP per GDP, bln. growth rate of
share, %
dollars capita, dollars dollars GDP, %
in the in Western
Year current prices constant prices in Africa
World Africa
1970 25.4 452 25.4 0.75 23.7 72.1
1971 30.7 535 27.8 9.4 0.82 25.5 74.4
1972 36.9 627 29.5 6.1 0.86 26.8 76.6
1973 46.3 769 31.7 7.5 0.89 27 78.6
1974 71.7 1158 34.3 8.2 1.2 31.3 83
1975 87.2 1371 34.5 0.58 1.3 33.7 83.6
1976 106.2 1623 37.8 9.6 1.5 36.7 85.3
1977 118.7 1761 39.3 4 1.5 36 84.9
1978 132.8 1911 37.3 -5.1 1.4 35 83.9
1979 164 2289 37.2 -0.27 1.5 36.9 84.6
1980 204.3 2772 38 2.2 1.7 36.8 85.9
1981 183.6 2424 37.2 -2.1 1.5 35.2 85.5
1982 180.4 2321 36.6 -1.6 1.5 35.3 85.9
1983 181.6 2278 34.1 -6.8 1.4 34.9 86.7
1984 180.2 2204 33.7 -1.2 1.4 1.4 86.5
1985 178.8 2131 37.5 11.3 1.3 35.6 86
1986 90.4 1050 38.2 1.9 0.58 20.5 72.1
1987 55.8 631 37.9 -0.79 0.32 12.7 58.8
1988 67 738 40.8 7.7 0.34 14.2 61.4
1989 60.5 650 43.7 7.1 0.29 12.6 59
1990 68.3 715 48.7 11.4 0.3 12.7 59
1991 64 652 48.7 0 0.27 11.9 56.9
1992 58.1 577 50 2.7 0.23 10.5 53.5
1993 56.7 549 50.8 1.6 0.22 10.4 54.9
1994 47 445 51.2 0.79 0.17 9 55.8
1995 49 452 52.3 2.1 0.16 8.7 51.7
1996 52 468 54.4 4 0.17 8.8 51.5
1997 54.4 477 56 2.9 0.17 8.9 53.5
1998 56.5 484 57.6 2.9 0.18 9.4 53.3
1999 57.7 481 57.8 0.35 0.18 9.5 53.4
2000 74.6 607 60.9 5.4 0.22 11.8 64.2
2001 71 563 63.6 4.4 0.21 11.5 61.8
2002 95.1 736 77.2 21.4 0.28 15 66.3
2003 108.8 821 85.1 10.2 0.28 14.3 64.7
2004 141.3 1039 94 10.5 0.32 15.2 67.8
2005 180.5 1293 100.1 6.5 0.38 16.4 71.1
2006 233.9 1632 106.1 6 0.46 18.6 74.3
2007 267.7 1819 113 6.5 0.47 18.3 73.6
2008 334.6 2213 120.1 6.3 0.53 19.3 74.6
2009 272.5 1754 128.4 6.9 0.46 16.8 71.2
2010 369.1 2311 138.5 7.9 0.56 19.3 75.7
2011 411.7 2508 145.2 4.8 0.57 19.6 75.3
2012 461 2730 151.5 4.3 0.63 20.4 76.7
2013 515 2966 159.6 5.3 0.68 22.2 76.5
Ekpulu et al 108

Appendix Two: Contribution to GDP on sector basis

Sector composition of nominal GDP in millions of naira before rebasing (Source: CBN Statistical Bulletin)

Old Series (Nm)

2010 2011 2012 2013
Agriculture 10310655.64 11593434.13 13413842.46 14709104.92
Industry 15659521.00 16569291.58 16456457.10 15374554.67
Crude 14505759.31 15285004.21 15695654.52 13750726.84
Manufacturing 643070.22 694814.15 761467.00 823860.13
Services 8014577.50 9247134.90 10673800.38 12313106.11
Telecommunication and
260707.87 292539.10 331502.79 364499.74
Information Services
Motion picture,
- - - -
Sound recording.

Total Nominal GDP 33984754.13 37409860.61 40544099.94 42396765.71

Sector composition of nominal GDP in millions of naira after rebasing (Source: CBN Statistical Bulletin)

New Series (Nm)

2010 2011 2012 2013
Agriculture 12988809.19 14421928.95 15918631.70 17625142.90
Industry 13992438.93 17313556.37 18667774.92 20083371.09
Crude 8402676.40 11080794.65 11315033.28 11554223.51
Manufacturing 3578641.72 4085393.24 4744699.37 5476303.11
Services 27223547.01 31221112.69 36243580.95 41925033.96
Telecommunication and Information
4931991.14 5530155.05 6213794.01 6974681.34
Motion picture, Sound recording 479194.45 639245.40 853937.18 1139942.91
Total Nominal GDP 54204795.12 63258579.00 71186534.89 80222128.32