– Nigerian economy shrinks despite coming out of recession, NBS (National Bureau Of Statistics) reported.
NBS released gross domestic product (GDP) report for the first quarter of 2017, which showed that the economy contracted by 0.52 percent year-on-year.
During the quarter, aggregate GDP stood at N26,028,356.03 million in nominal terms, compared to N22,235,315.29 million in Q1 2016, resulting in a Nominal GDP growth of 17.06%. This growth was higher relative to growth recorded in Q1 2016
Look Naija gathered that in August 2016, NBS called Nigeria’s first recession since the return of democracy in 1999, stating that the economy shrank by 2.06 percent in the second quarter of 2016 to hit its lowest point in nearly three decades.
“In the fourth quarter of 2016, the nation’s Gross Domestic Product (GDP) contracted by -1.30 percent (year-on-year) in real terms, from 18,533.75 billion naira in the fourth quarter (Q4) of 2015 to 18,292.95 billion naira in Q4 2016.