Nigerian Economy Out of Recession
September 5, 2017
NIGERIAN economy has snapped out of its first recession in 25 years as Gross Domestic Product, GDP, has returned to positive growth.
The National Bureau of Statistics, NBS, announced this on Tuesday, September 5.
According to the NBS, in the second quarter of 2017, the nation’s GDP grew by 0.55 percent (year-on-year) in real terms, indicating the emergence of the economy from recession after five consecutive quarters of contraction since Q1 2016.
“This growth is 2.04% higher than the rate recorded in the corresponding quarter of 2016 ( –1.49%) and higher by 1.46% points from rate recorded in the preceding quarter, (revised to –0.91% from –0.52%). Quarter on quarter, real GDP growth was 3.23%,” the NBS said.
“During the quarter, aggregate GDP stood at N26,986,005.20million in nominal terms, compared to N23,547,466.91 million in Q2 2016, resulting in a Nominal GDP growth of 14.60%,” the report added.
The economy had shrunk by 1.5 per cent in 2016, the first full-year contraction in 25 years.
After several quarters of slowdown in growth on the back of the steep fall in crude oil prices, the economy contracted by 0.4 percent in the first quarter of 2016, 2.1 percent in the second quarter, 2.2 per cent in the third and 1.3 percent in the fourth.
*Culled from Real News
Nkemnji Global Tech
Featured
South Sudan announces environmental audit of oil fields in move to curtail immense pollution
Pan African Visions | January 18, 2021 3:32 am
Cameroon: Donation from Fomunyoh and Partner to Physically Challenged in Kumba
Pan African Visions | January 17, 2021 4:54 pm
Cameroon: Security Beefed up Ahead of CHAN Tournament
Pan African Visions | January 16, 2021 5:56 am
Cameroon: Nkafu Policy Institute Publishes Report on the Effect of BEAC’s Monetary policy
Pan African Visions | January 16, 2021 5:49 am
Recent News
-
Airlink Steps Up Its Game in Southern Africa
January 18, 2021 4:16 am
-
MOZAMBIQUE: New measures in Covid-19 Fight
January 18, 2021 3:51 am
-
South Sudan announces environmental audit of oil fields in move to curtail immense pollution
January 18, 2021 3:32 am
-
CHAN 2020: Banga Solomon’s Strike Gives Cameroon Victory against Zimbabwe
January 17, 2021 5:00 pm
-
Cameroon: Donation from Fomunyoh and Partner to Physically Challenged in Kumba
January 17, 2021 4:54 pm
Leave a Reply