November 20, 2017: Nigeria’s economy has consolidated its exit from the recession as the nation’s Gross Domestic Product (GDP) in Q3 2017 by 1.40% (year-on-year).
The record which was released on Monday morning, November 20 by the
National Bureau of Statistics (NBS), released the records on Monday, 20th November 2017 which showed that the 1.4% growth was the second consecutive positive growth since the emergence of the economy from recession in Q2 2017.
The NBS report says the growth is 3.74% points higher than the rate recorded in the corresponding quarter of 2016 ( –2.34%) and higher by 0.68% points from the rate recorded in the preceding quarter, which was revised to 0.72% from 0.55%.
The Q2 was revised following revisions by Nigerian National Petroleum Corporation (NNPC) to oil output and hence led to revisions to oil Gross Domestic Product (GDP).
Similarly, the quarter on quarter, real GDP growth was 8.97% year to date real GDP growth stands at 0.43% in the quarter under review.
The aggregate GDP stood at N29,451,303.99million in nominal terms higher compared to N26,537,651.01 million in Q3 2016, resulting in a Nominal GDP growth of 10.98%.
The growth is, however, higher relative to growth recorded in Q3 2016 of 9.15%.
Recall the Nigeria came officially out of on Tuesday morning, September 5, 2017.
