By Modupe Gbadeyanka
The National Bureau of Statistics (NBS) has revealed that 0.55 percent (year-on-year) growth recorded in the nation’s Gross Domestic Product (GDP) in the second quarter of 2017 indicated the emergence of Nigeria’s economy from recession after five consecutive quarters of contraction since Q1 2016.
The data released by the stats office on Tuesday, September 5, 2017 and analysed by Business Post showed that this growth was 2.04 percent higher than the rate recorded in the corresponding quarter of 2016 ( –1.49 percent) and higher by 1.46 percent points from rate recorded in the preceding quarter, (revised to –0.91 percent from –0.52 percent). Quarter on quarter, real GDP growth was 3.23 percent.
NBS disclosed that during the quarter, aggregate GDP stood at N26,986,005.20 million in nominal terms, compared to N23,547,466.91 million in Q2 2016, resulting in a Nominal GDP growth of 14.60 percent.
This growth was higher relative to growth recorded in Q2 2016, 3.01 percent.
The Nigerian economy can be more clearly understood when classified into oil and non-oil sectors, the stats agency said.
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