Nigerian Economy Hits Worst Recession In Almost 3 Decades

The National Bureau of Statistics (NBS) has released the second quarter of 2016 report with Nigerian economy hitting worst recession in almost three decades.

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In the Second Quarter of 2016, the nation’s Gross Domestic Product (GDP) declined by -2.06% (year-on year) in real terms. This was lower by 1.70% points from the growth rate of –0.36% recorded in the preceding quarter, and also lower by 4.41% points from the growth rate of 2.35% recorded in the corresponding quarter of 2015.

Quarter on quarter, real GDP increased by 0.82% During the quarter, nominal GDP was N23,483,954.78 million (in nominal terms) at basic prices. This was 2.73% higher than the Second Quarter 2015 value of N22,859,153.01 million. This growth was lower than the rate recorded in the Second Quarter of 2015 by 2.44% points.

Highlight of the report

Gross domestic product (GDP) contracted by 2.06 percent to record its lowest growth rate in three decades.

Nigerian July Inflation Rate Rises to 17.1%

Nominal GDP was N23,483,954.78 million (in nominal terms) at basic prices.

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Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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