Nigeria Officially Out Of Recession, Reports 0.55% GDP Growth In Q2
Africa’s largest economy, Nigeria has officially been declared out of recession!
The country’s statistical body, the National Bureau of Statistics (NBS), made the declaration on Tuesday in a report detailing the 2017 second quarter figures of the country’s GDP.
The figures bring to an end the worst recession to have hit the country in 29 years, contracting for five consecutive quarters
According to the bureau, the country grew by 0.55 percent in GDP terms for Q2 2017.
The Q2 2017 growth rate of 0.55 per cent (year-on-year) was 2.04 per cent higher than the rate recorded in the corresponding quarter of 2016 (-1.49%) and higher by 1.46 per cent points from rate recorded in the preceding quarter, which was revised to –0.91% from –0.52% due to revisions to crude output for March 2017.