Breaking! Nigerian Economy Out of Recession-Statistics Bureau

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The Nigerian economy is out of recession, the National Bureau of Statistics announced Tuesday.

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According to the NBS, in the second quarter of 2017, the nation’s Gross Domestic Product (GDP) grew by 0.55% (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.

An economy is said to be in recession after contracting for two consecutive quarters.

The Nigerian economy slipped into recession in early 2016.

 

 

 

 

 

SOURCE: Premiumtimesng.com

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