Nigeria's GDP Slows By 0.52% In 2017 Q1, Edges Out Of Recession

Nigerian economy contracted contracted by 0.52 per cent year-on-year for the first quarter of 2017,
much better 1.21 per cent than deeper -1.73 per cent recorded in fourth quarter of 2016.

The National Bureau of Statistics (NBS), stated this in first quarter 2017 Gross Domestic Product (GDP) report released on Tuesday released the Gross Domestic Product (GDP)

According to the report, the oil sector saw a boost in its fortune as it contributes 8.9 percent of the country’s GDP, as against the 6.75 percent in the fourth quarter of 2016.

The non-oil GDP grew by 0.72 percent to record the best performance in four quarters, when compared to -0.33 percent in Q4 2016 and -0.18 percent in Q1 2016.

The non-oil sector to GDP declined by nearly two percent from 93.25 percent in Q4 2016 to 91.10 percent, despite this contribution.

Transport services GDP contracted by 4.01 percent in Q1 2017 from -2.63 percent in Q4 2016 and 2.23 percent in Q1 2016.

According to Yemi Kale, the statistician general of the nation, many sectors of the economy turned positive but failed to get the country out of recession.

The NBS had in Auguest 2016, noted that the country’s first recession since the return of democracy in 1999, was the worst in nearly three decades.

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