The National Bureau of Statistics (NBS) has announced a 1.40% increase in Nigeria’s Gross Domestic Product (GDP) on Monday, November 20, 2017.
The increase is the second consecutive positive growth after the country officially exited recession in the second quarter of 2017.
According to the report titled, ‘Nigeria Gross Domestic Product Report‘, the NBS noted that the figure is higher by 0.68% points from the rate recorded in the second quarter, put at 0.72%.
The development represents the growth of 3.74% points which is higher than the rate recorded in the corresponding quarter of 2016 at -2.34%.
The growth figure is higher when compared to N26,537,651.01 (N26.5 million) in third quarter of 2016, resulting in a GDP growth of 10.98%. In the quarter under review, aggregate GDP stood at N29,451,303.99 (N29 million)
Quarter-on-quarter basis, real GDP growth was 8.97% while ‘Year to date Real GDP’ growth stands at 0.43%.