Abuja, Sept. 5, 2017 (TNE ) : Nigeria is out of economic recession, the National Bureau of Statistics (NBS) confirmed on Tuesday in Abuja.
An economy is in recession after contracting for two consecutive quarters and Nigeria slipped into recession in early 2016. Since then, the present administration endeavoured to pull it out of the distress, adopting various economic strategies.
The NBS says that in the second quarter of this year, the country’s Growth Domestic Product (GDP) grew by 0.55 per cent year-on-year in real terms, showing the emergence of the economy from recession after five consecutive years of contraction since the first quarter of 2016.
”This growth is 2.04 per cent higher than the rate recorded in the corresponding quarter of 2016 (-1.49 per cent) and higher by 1.46 pee cent points from the rate recorded in the preceding quarter (revised to -0.91%) Quarter-oj-quarter real GDP growth was 3.23 per cent,” according to the NBS.
”During the quarter, aggregate GDP stood at N26,986,005.20 million, in nominal terms, coated to N26, 547, 466.91 million in Quarter 2, 2016, resulting in nominal GDP growth of 14.14.60 per cent,” the bureau explained. (TNE)