Connect with us


NEWS

Nigeria’s GDP experiences quarterly growth of 2.55%, highest since 2016 recession

Published

on

Nigeria's GDP experiences quarterly growth of 2.55%, highest since 2016 recession

The nation’s Gross Domestic Product (GDP) has recorded the highest growth since the recession in 2016, experiencing growth of 2.55 per cent (year-on-year) in real terms in the fourth quarter of 2019.

This was revealed in the latest report released by the National Bureau of Statistics (NBS).

The figure shows an increase of 0.17 per cent points compared to the fourth quarter of 2018 which recorded a growth rate of 2.38 per cent.

According to the data agency, the GDP growth also represents an increase of 0.27 per cent points when compared with the third quarter of the year under review.

“The strong fourth quarter 2019 growth rate also represented the highest quarterly growth performance since the 2016 recession.

“Overall, this resulted in annual 2019 real growth rate of 2.27%, compared to 1.91% in 2018. Quarter on quarter, real GDP growth was 5.59%,” the report stated.

In the last quarter of 2019, the NBS said the nation’s aggregate GDP stood at N39,577,340.04 million in nominal terms.

It explained that this was higher than the fourth quarter of 2018 which recorded an aggregate of N35,230,607.63 million, representing year on year nominal growth rate of 12.34 per cent.

The agency stressed that the rate was –0.31 per points lower relative to the rate recorded in the fourth quarter of 2018, and –0.96 per cent points lower than the rate recorded in the preceding quarter.

I love to read, write and TRAVEL!!! The media space is my canvas to paint the truths of our brands and the stories of our Nigerian culture. I love a good book any day because with them I can travel to spaces that are perfect in their frame.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending