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Nigeria officially out of recession

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Staff Writer | September 6, 2017
Nigeria out of recession
Africa   GDP grew by 0.55%

Nigeria has officially exited recession as the economy grew by 0.55 percent in the second quarter of the year, the National Bureau of Statistics said.

"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," according to the report.

"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%," it added.

The economy plunged into its worst economic recession in the second quarter of 2016 after two consecutive contractions.

The economy contracted in the first quarter by -0.67 percent, followed by -1.49 percent in the second quarter, according to official data.


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