Nigeria consolidates exit from recession as GDP rises by 1.40% in 2017.



Nigeria’s economy has consolidated its exit from recession as the nation’s Gross Domestic Product (GDP) grew in Q3 2017 by 1.40% (year-on-year).

The figure, as released on Monday by the National Bureau of Statistics (NBS), show that the 1.40% growth was the second consecutive positive growth since the emergence of the economy from recession in Q2 2017.

The NBS report says the growth recorded in Q3 2017 is 3.74% points higher than the rate recorded in the corresponding quarter of 2016 at -2.34%.

It was also higher by 0.69% points from the rate recorded in the preceding quarter of Q2 2017, which was revised to 0.71% from 0.55%, due to revision of oil GDP to 3.53% from 1.64%.

Similarly, the quarter on quarter, real GDP growth was 8.97% while year to date real GDP growth stands at 0.43% in the quarter under review.

The aggregate GDP stood at N29,451,303.99m in nominal terms higher compared to N26,537,651.01m in Q3 2016, resulting in a Nominal GDP growth of 10.98%.

The growth is, however, higher relative to growth recorded in Q3 2016 of 9.15%.


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