The National Bureau of Statistics (NBS) on Tuesday announced that Nigeria is out of economic recession.
The NBS stated this in a Gross Domestic Product (GPD) Report for Second Quarter 2017 released by the bureau in Abuja.
The NBS stated that the nation’s GDP grew by 0.55 per cent (year-on-year) in real terms in the quarter, indicating the emergence of the economy from recession.
The bureau stated that figure indicated the economy was out of recession after five consecutive quarters of contraction since first quarter 2016.
An economy is said to be in recession after contracting for two consecutive quarters.
The economy slipped into recession in 2016.
The bureau, however, stated that the growth recorded in quarter was 2.04 per cent higher than the rate recorded in the corresponding quarter of 2016 (–1.49 per cent).
It stated it was 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, the bureau stated that real GDP growth was 3.23 per cent.
It stated that during the quarter, aggregate GDP stood at N26, 986,005.20 million resulting in a Nominal GDP growth of 14.60 per cent.
It stated that the growth was higher relative to growth recorded in the second quarter 2016 (3.01 per cent)
The report also showed the economic recovery was driven by improved performance of oil, agriculture, manufacturing and trade sectors of the economy.