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| Naira Note |
The Nigerian economy is out of recession, the National Bureau of Statistics announced Tuesday.
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.
“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.
“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.
The Nigerian economy slipped
into recession in early 2016.