Latest report from the National Bureau of Statistics, NBS, says Nigeria’s Gross Domestic Product, GDP, has shrunk by 2.24 percent in the third quarter of 2016.
According to the report, the depreciation has worsened the country’s chances of getting out of recession in 2016.
The report said the country’s GDP fell deeper than recorded in the first and second quarter of 2016.
It disclosed that Nigeria’s economy shrunk by 0.36 percent in the first quarter, and 2.06 percent in the second quarter of 2016.
The report published on NBS website reads in part, “In the third quarter of 2016, the nation’s Gross Domestic Product (GDP) contracted by -2.24% (year-on-year) in real terms.
“This was lower by 0.18% points from growth recorded in the preceding quarter and also lower by 5.08% points from growth recorded in the corresponding quarter of 2015. Quarter on quarter (unadjusted for seasonality), real GDP increased by 8.99%.
“During the quarter, aggregate GDP stood at N26,558,952.83 million (in nominal terms) at basic prices. Compared to the third quarter 2015 value of N24,313,636.94 million. Nominal GDP grew by 9.23%.
“This growth was higher relative to growth recorded in the third quarter of 2015 by 3.22% points,” the report stated.
