After suffering contraction for five consecutive quarters, the Nigerian economy is now officially on the rebound as the National Bureau of Statistics NBS in its second quarter Gross Domestic Product Q2 GDP report Tuesday announced Nigeria’s exit from recession.
According to the report, the economy grew at 0.55 per cent (year-on-year) in real terms, in the second quarter Q2 of 2017, indicating the exit of the economy from recession.
The 2017 second quarter 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, revised to –0.91% from –0.52% as a result of the reviewed crude output for March 2017.
Real GDP growth for quarter on quarter was 3.23 per cent, while the aggregate GDP for the quarter stood at N26.9 million in nominal terms, compared to N23.5 million in Q2 2016, resulting in a nominal GDP growth of 14.60 per cent.
The report showed that performances in four main economic activities viz; oil, agriculture, manufacturing and trade were responsible for leap-frogging the economy out of recession.
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