At Last, Nigerian Economy Emerges From Recession

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The Nigerian economy has emerged from recession, the National Bureau of Statistics, NBS has  said in a report .

According to  the Nigerian Gross Domestic Product Report  (Q2 2017) by NBS, “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.

It  said further that “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  said in a summary of the report posted on its website.



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