Hot News
GOOD NEWS: No more recession in Nigeria as GDP returns positive growth
The nation’s economy has snapped out of its first recession in 25 years as Gross Domestic Product has returned to positive growth.
The National Bureau of Statistics on Tuesday said the GDP grew by 0.55 per cent (year-on-year) in real terms in the second quarter of 2017.
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.
“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.
The economy had shrunk by 1.5 per cent in 2016, the first full-year contraction in 25 years.
After several quarters of slowdown in growth on the back of the steep fall in crude oil prices, the economy contracted by 0.4 per cent in the first quarter of 2016, 2.1 per cent in the second quarter, 2.2 per cent in the third and 1.3 per cent in the fourth.
-
News24 hours ago
Labour unions demand immediate reversal of electricity tariff hike
-
News24 hours ago
Father, son abducted in Ondo released
-
Metro17 hours ago
Rooms rented at N250k per year discovered under Lagos bridge
-
Entertainment16 hours ago
VIDEO: Why WizKid disrespected Don Jazzy – Mr Macaroni
-
News19 hours ago
Scarcity: Deal with fuel hoarders, Reps order security agencies
-
News19 hours ago
Obi inciting Southeast people against FG – Umahi
-
health18 hours ago
FG orders hospitals to use locally-made syringes, needles
-
News17 hours ago
14-year-old killed in UK sword attack is Nigerian