Nigerian Economy Out of Recession

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

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