Nigeria’s Gross Domestic Product (GDP) grew by 1.40 percent in the third quarter of 2017, according to data released by the National Bureau of Statistics (NBS) on Monday.
This is the second comsecutive positive growth of the GDP since Nigeria exited recession in the second quarter.
The nation’s Gross Domestic Product (GDP) grew in Q3 2017 by 1.40% (year-on-year) in real terms, the second consecutive positive growth since the emergence of the economy from recession in Q2 2017.
According to the NBS, “This growth is 3.74% points higher than the rate recorded in the corresponding quarter of 2016 ( –2.34%) and higher by 0.68% points from the rate recorded in the preceding quarter, which was revised to 0.72% from 0.55% (Q2 was revised following revisions by NNPC to oil output and hence led to revisions to Oil GDP).
“Quarter on quarter, real GDP growth was 8.97% Year to date Real GDP growth stands at 0.43% In the quarter under review, aggregate GDP stood at N29,451,303.99million in nominal terms higher when compared to N26,537,651.01 million in Q3 2016, resulting in a Nominal GDP growth of 10.98%. This growth is higher relative to growth recorded in Q3 2016 of 9.15%”
NBS statistics shows that the agricultural sector grew by 3.06 percent in the third quarter of 2017 as against the 3.01 percent recorded in the second quarter of 2017.