By Abdul Tukur
Nigeria’s worst recession in 29 years has ended in the second Quarter of 2017.
The official data from the National Bureau of Statistics, NBS show that 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%).
Today’s data reveal that quarter on quarter, real GDP growth was 3.23%.
In real terms, the Mining and Quarrying sector grew by 1.65% (year-on-year) in the second quarter of 2017. Compared to the second quarter of 2016 and first quarter 2017, it is higher by 13.07 % point and 17.05 points respectively.
To read the latest report by the NBS visit – http://nigerianstat.gov.ng/
In 2016, the NBS officially confirmed that Africa’s most populous country fell by 2.24 percent in the third quarter of 2016, following a 2.06 percent contraction in the second quarter, and a 0.36 percent shrinking in the first quarter.