The National Bureau of
Statistics (NBS), which declared Nigeria’s worst recession in 29 years, said on
Tuesday, that the west African country grew by 0.55 percent in GDP terms for Q2
2017.
According to the Nigerian
gross domestic product report released by NBS on Monday, the economy recorded a
positive growth after five consecutive quarters of contractions since Q1 2016.
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%.
The 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 and 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.
Yemi Kale, statistician
general, had told Bloomberg in an interview that there was a likelihood that
the economy exited recession in June 2017 but he was not sure because all the
numbers had not been collated.
“Intuitively, we might be
getting out of recession in the second quarter but I can’t say until all the
numbers are in.”
“If it doesn’t happen in
the second quarter, it will be a much reduced negative and it will definitely
happen in the third quarter unless we have a new round of shocks in the later
weeks.”
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