Nigeria’s GDP Shrinks by 0.52% in Q1 2017

By Modupe Gbadeyanka

National Bureau of Statistics (NBS) has revealed that Nigeria’s Gross Domestic Product (GDP) contracted by 0.52 percent (year-on-year) in real terms in the first quarter of 2017.

This was disclosed in its latest report released on Tuesday.

The decline in the country’s GDP is the fifth consecutive quarter of contraction since the first quarter of 2016.

In addition, this is 0.15 percent higher than the rate recorded in the corresponding quarter of 2016 (revised to –0.67 percent from –0.36 percent) higher by 1.21 percent points from rate recorded in the preceding quarter, (revised to –1.73 percent from –1.30 percent). Quarter on quarter, real GDP growth was –12.92 percent.

According to the stats office, during the quarter, aggregate GDP stood at N26,028,356.03 million in nominal terms, compared with N22,235,315.29 million in Q1 2016, resulting in a Nominal GDP growth of 17.06 percent. This growth was higher relative to growth recorded in Q1 2016 (11.39 percent).