Nigeria Records 1.9% GDP Growth In Q4 2017 |The Republican News

Samuel Bello, Abuja

The National Bureau of Statistics (NBS), said the nation recorded a growth of 1.92 percent in its Gross Domestic Product (GDP) in the fourth quarter (Q4) of 2017 while maintaining its positive growth trajectory since the economy exited recession in the second quarter of 2017.

In its Q4 report released on Tuesday in Abuja, NBS stated that the growth compared to a contraction of –1.73 percent recorded in the fourth quarter of 2016 and a growth of 1.40 percent recorded in the third quarter of 2017.

According to the bureau, 2017 recorded a real annual growth rate of 0.83 percent higher by 2.42 percent than –1.58 percent recorded in 2016.

“In the quarter under review, aggregate GDP stood at N31,209,137.74 million in nominal terms and higher when compared to N29,169,058.99 million in Q4 2016, resulting in a nominal GDP growth of 6.99 percent. This growth is lower relative to growth recorded in Q4 2016 at 12.49 percent.

The bureau reported that in the period under review, oil production averaged 1.91 million barrels per day (mbpd), -0.12 million barrels lower than the daily average production recorded in the third quarter of 2017.

It added that oil production during the quarter was higher by 0.15 million barrels per day relative to the corresponding quarter in 2016, which recorded an output of 1.76mbpd.

In term of contribution, NBS stated that the oil sector contributed 7.17 percent of total real GDP in the fourth quarter of 2017, up from figure recorded in the corresponding period of 2016 and down from the preceding quarter, where it contributed 6.75 percent and 10.04 percent respectively.

“Quarter-on-Quarter, the oil sector dropped by–25.52 percent in Q4 2017. The annual growth of the oil sector stood at 4.79 per cent higher than the previous year’s growth of –14.45 per cent.

The statistics office also reported that the mining and quarrying sector contributed 8.30 percent to overall GDP in the fourth quarter of 2017, higher than the contributions recorded in 2016 fourth quarter at 6.70 percent but lower than the previous quarter recorded as 11.17 percent. It’s annual contribution to GDP in 2017 stood at 9.22 percent as against 5.39 percent in 2016.  (The Sun)

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Nigeria Emerges From First Recession In 25 Years |The Republican News


‘Femi Asu

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. (

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