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Recession Bites Harder As Nigerian Economy Shrinks 0.52% in Q1 Of 2017


Recession Bites Harder As Nigerian Economy Shrinks 0.52% in Q1 Of 2017

– 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.

Read Nigeria External Reserves Hits A-record High Of $4bn In 12months

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.

nigeria gdp recession

Download full Nigeria’s GDP Q1 2017 reports

Olawale Moses is a passionate news content writer on different niche such as politics, entertainment, arts and lifestyle, he is also a member of the Vanguard Nigerian Newspaper community with good rep, the CEO of Look Naija. Aside blogging, a graduate of Information Technology.

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