Nigeria out of recession – NBS
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The National Bureau of Statistics (NBS), has declared that Nigeria is officially out of economic recession. NBS says Nigeria’s economy grew by 0.55 percent in GDP terms in the 2nd quarter of 2017.
According to the NBS, the economy recorded a positive growth after five consecutive quarters of contractions since the first quarter of 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.
NBS says that real GDP growth was 3.23% when compared quarter to quarter. The oil sector 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.
The non-oil sector – agriculture, finance and insurance, electricity, gas – 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.
