Tuesday, 5 September 2017

Breaking News: Nigerian Economy Finally Out Of Recession - NBS

Information has it that the Nigerian economy which has been in the down has finally come otu of recession, the National Bureau of Statistics announced Tuesday, September 5, 2017.
According to the 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. Premium Times reports.
“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%,” the NBS said.
Breaking News: Nigerian Economy Finally Out Of Recession - NBS

“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 report added.
An economy is said to be in recession after contracting for two consecutive quarters.
It should be recalled that the Nigerian economy slipped into recession in early 2016.
Nigerians are waiting to see the benefits of this good news.