With the effort of the Federal Government to put the country back on the right track of economic development after the country was recently hit by economy recession, the economic surface of the country has continued to plummet into economic downturn with gross domestic product (GDP) contracted 2.24 per cent (year-on-year) in real terms in the third quarter of 2016, from 2.06 per cent from the previous quarter.
This was made known by the GDP report released by the National Bureau of Statistics (NBS) the third quarter stood at about N1.78 trillion.
The contraction of the economy in the third quarter was lower by 0.18 per cent points from the preceding quarter, according to the report.
The agency said the figure was also lower by 5.08 per cent points from the growth recorded in the corresponding quarter of 2015.
Details of the report showed that aggregate GDP, in nominal terms at basic prices, stood at about N26.6 trillion, against the N24.3 trillion in the third quarter of 2015.
“During the quarter, aggregate GDP stood at N26.6 trillion (in nominal terms) at basic prices, compared to the third quarter 2015 value of N24.3 trillion. Nominal GDP grew by 9.23 per cent. This growth was higher relative to growth recorded in the third quarter of 2015 by 3.22 per cent points,” the report said.
A review of the sectoral performance of the report showed that during the period, the Nigerian National Petroleum Corporation (NNPC) said the country’s oil production capacity averaged about 1.63 million barrels per day (mbpd), lower from the figures in the second quarter of 2016.
Consequently, the report said the real growth of the oil sector slowed by 22.01 per cent (year-on-year) in third quarter of 2016, representing a decline relative to growth recorded in same quarter of 2015 at 1.06 per cent.
With the effort of the Federal Government to put the country back on the right track of economic development after the country was recently hit by economy recession, the economic surface of the country has continued to plummet into economic downturn with gross domestic product (GDP) contracted 2.24 per cent (year-on-year) in real terms in the third quarter of 2016, from 2.06 per cent from the previous quarter.
This was made known by the GDP report released by the National Bureau of Statistics (NBS) the third quarter stood at about N1.78 trillion.
The contraction of the economy in the third quarter was lower by 0.18 per cent points from the preceding quarter, according to the report.
The agency said the figure was also lower by 5.08 per cent points from the growth recorded in the corresponding quarter of 2015.
Details of the report showed that aggregate GDP, in nominal terms at basic prices, stood at about N26.6 trillion, against the N24.3 trillion in the third quarter of 2015.
“During the quarter, aggregate GDP stood at N26.6 trillion (in nominal terms) at basic prices, compared to the third quarter 2015 value of N24.3 trillion. Nominal GDP grew by 9.23 per cent. This growth was higher relative to growth recorded in the third quarter of 2015 by 3.22 per cent points,” the report said.
A review of the sectoral performance of the report showed that during the period, the Nigerian National Petroleum Corporation (NNPC) said the country’s oil production capacity averaged about 1.63 million barrels per day (mbpd), lower from the figures in the second quarter of 2016.
Consequently, the report said the real growth of the oil sector slowed by 22.01 per cent (year-on-year) in third quarter of 2016, representing a decline relative to growth recorded in same quarter of 2015 at 1.06 per cent.
Share this
