Nigeria’s GDP grows by 0.55% from recession

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Nigeria’s Gross Domestic Product has recorded growth by 0.55 per cent (year-on-year) in real terms in the second quarter of 2017. This is according to the National Bureau of Statistics on Tuesday.

The GDP shrank by 0.52 per cent (year-on-year) in real terms in the first quarter of 2017, representing the fifth consecutive quarter of contraction since the first quarter of 2016. The economy had shrunk by 1.5 per cent in 2016, the first full-year contraction in 25 years.

“This growth is 2.04 per cent higher than the rate recorded in the corresponding quarter of 2016 ( –1.49 per cent) and higher by 1.46 per cent points from rate recorded in the preceding quarter, (revised to –0.91 per cent from –0.52 per cent). Quarter on quarter, real GDP growth was 3.23 per cent,” the NBS said in the Q2 2017 GDP report.

This may be an indication that the country is gradually coming out of recession.