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Breaking: Nigeria Continues growth out of recession, GDP grows by 1.40% in Q3 2017

by on November 20, 2017
 

Nigeria has seems to have consolidated her economic growth by adding yet another 1.40% GDP growth in the third quarter of 2017, the Nigerian Bureau of Statistics reports on monday.

The nation’s Gross Domestic Product (GDP) grew in Q3 2017 by 1.40% (year-on-year) in real terms, the second consecutive positive growth since the emergence of the economy from recession in Q2 2017.

This growth is 3.74% points higher than the rate recorded in the corresponding quarter of 2016 ( –2.34%) and higher by 0.68% points from the rate recorded in the preceding quarter, which was revised to 0.72% from 0.55% (Q2 was revised following revisions by NNPC to oil output and hence led to revisions to Oil GDP).

 

Read More: How Buhari Got Nigeria out of Recession – Lai Mohammed

 

Quarter on quarter, real GDP growth was 8.97% Year to date Real GDP growth stands at 0.43%. In the quarter under review, aggregate GDP stood at N29,451,303.99m in nominal terms higher when compared to N26,537,651.01 million in Q3 2016, resulting in a Nominal GDP growth of 10.98%.

This growth is higher relative to growth recorded in Q3 2016 of 9.15%.

 

More details soon.

 

Read: Nigeria’s Economy Climbs out of recession

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