A report made available by the National Bureau of Statistics on Tuesday, shows that the Nigerian economy is now out of recession.
According to the NBS report, in the second quarter of 2017, the nation’s Gross Domestic Product (GDP) grew by 0.55% (year-on-year) in real terms, indicating the emergence of the economy from recession after five consecutive quarters of contraction since Q1 2016.
“This growth is 2.04% higher than the rate recorded in the corresponding quarter of 2016 ( –1.49%) and higher by 1.46% points from rate recorded in the preceding quarter, (revised to –0.91% from –0.52%). Quarter on quarter, real GDP growth was 3.23%,” the NBS said.
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“During the quarter, aggregate GDP stood at N26,986,005.20 million in nominal terms, compared to N23,547,466.91 million in Q2 2016, resulting in a Nominal GDP growth of 14.60%,” the report added.
The report showed that performances in four major economic activities viz; oil, agriculture, manufacturing and trade were responsible for pushing the economy out of recession.
Several government reports as well as reports from international bodies had predicted the country will exit recession in the last quarter of year 2017.
The Nigerian economy has been groaning under the weight of recession since early 2016.