The National Bureau of Statistics (NBS) has official announced that Nigeria’s economy is out of recession.
The Bureau, which had declared Nigeria’s worst recession in 29 years, said on Tuesday, that the west African country grew by 0.55 percent in Gross Domestic Product (GDP) in the second quarter of 2017, indicating the emergence of the economy from recession after five consecutive quarters of contraction since Q1 2016, Premium Times reports.
The 0.55% growth recorded is 2.04% higher than the rate recorded in the corresponding quarter of 2016 where a contraction of -1.49% was recorded.
Quarter-on-quarter, real GDP growth was 3.23%.
“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%,” the NBS report added.
TheCable reports that oil sector was estimated to have averaged at 1.84 million barrels per day, which is 0.15 million barrels higher than the daily average production recorded in the first quarter of June.
The non-oil sector, which was driven by Agriculture, finance & insurance, electricity, gas, steam and airconditioning supply and other services grew by 0.45% in real terms.
This is 0.83% higher than the rate recorded in second quarter 2016 and -0.28% lower than the rate recorded in first quarter of 2017.
An economy is said to be in recession after contracting for two consecutive quarters.