Abuja, Nigeria. Sept 5th: In a statement on its website today, Nigeria’s National Bureau Of Statistics (NBS), said, “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%.
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%.”
According to the NBS based on the published second quater 2017 GDP, Nigeria is out of recession as GDP grew 0.55% in Q2 2017 compared to -0.91% (revised)in Q1 2017 and -1.49% in Q2 2016. The Nigerian economy rallied back into growth after suffering contraction for five consecutive quarters, with the results of the NBS showing that the economy grew at 0.55 per cent in the second quarter (Q2) of 2017, effectively removing Nigeria out of recession.
The NBS result shows that the Q2 2017 growth rate of 0.55 per cent (year-on-year) was 2.04 per cent higher than the rate recorded in the corresponding quarter of 2016 (-1.49%) and higher by 1.46 per cent points from rate recorded in the preceding quarter, which was revised to –0.91% from –0.52% due to revisions to crude output for March 2017.
Nigeria’s economic recovery was driven principally by the performance of four main economic activities comprising oil, agriculture, manufacturing and trade, the National Bureau Of Statistics (NBS) results stated.
Photo: Nigeria’s Q2 Gross Domestic Product, GDP, 2017 Table
Nigeria had recorded recession in 1968, 1991 and 1995. The country recorded a full year decline in 1991 with 0.6 and 0.3 percent respectively. Africa’s largest economy slid into recession in the second quarter of 2016 partly due to weaker global oil situation and delay in devaluation of naira, which prevented businesses from getting foreign currencies.