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GOOD NEWS AS NIGERIA ECONOMY EXISTS RECESSION

The Nigerian economy has finally gotten out of the recession, as data on the country’s gross domestic product (GDP) growth rate grew at 0.55 per cent in the second quarter (Q2) of 2017.

This was stated by The National Bureau of Statistics (NBS) its Q2 2017 GDP results.


The Q2 2017 growth rate of 0.55 per cent (year-on-year) was 2.04 per cent higher than the rate recorded in the corresponding quarter of 2016 (-1.49%) and higher by 1.46 per cent points from rate recorded in the preceding quarter, which was revised to –0.91% from –0.52% due to revisions to crude output for March 2017.


Nigeria’s economic recovery was said to have been
driven principally by the performance of four main economic activities comprising oil, agriculture, manufacturing and trade.

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