Oil GDP contracted by -6.63% while non-oil GDP contracted by -6.05%.In terms of sub-sectors, the Services sector contracted by -6.78% while Industries performed worse with a contraction of -12.05%. The sector nearly doubled the 9.71% GDP growth rate recorded in the first quarter of 2020. Nigeria’s Gross Domestic Product contracted by –6.10% on a year-on-year basis in the second quarter of this year, ending the 3-year trend of low but positive real growth rates recorded since the 2016/17 recession..
It was the slowest pace of economic expansion since the third quarter of 2018, reflecting the earliest effects of the disruption, mainly in the non-oil sector (1.55% vs 2.27% in Q4), amid declines in internal trade (-2.82% vs -0.58%); accommodation & food services (-2.99% vs 2.05%); public administration (-8.72% vs 0.06%); administrative & support services (-1.9% vs 1.27%). Also read: IMF further reduces Nigeria’s 2020 growth rate to -5.4% According to the bureau, YoY, GDP fell by 8.22 percentage points in Q2’20 from 2.12 per cent recorded in Q2’19.
This is according to the second quarter (Q2) GDP report, released by the National Bureau of StatisticsNigeria’s Gross Domestic Product (GDP) in real terms declined by 6.10% (year-on-year) in Q2 2020, thereby ending the 3-year trend of low but positive real growth rates recorded since the 2016/17 recession.This is according to the second quarter (Q2) GDP report, released by the National Bureau of Statistics (NBS) on Monday.According to the numbers contained in the GDP report, the performance recorded in Q2 2020 represents a drop of 8.22% points when compared to Q2 2019 (2.12%), and 7.97% points decline when compared to Q1 2020 (1.87%). Nigeria’s GDP Contracts By 6.10% In Q2 2020 Amid the major challenges posed by the outbreak of COVID-19 pandemic and existing vulnerabilities, the Nigerian economy recorded negative growth … The report pointed out that the Oil Price Collapse is Destabilizing the economy and affecting fiscal and external balances, and growth.It also lamented that the Covid-19 Pandemic is reducing foreign remittances and adding to the households’ loss of income and consumption.
According to the World Bank, Nigeria is facing The report was included in a webinar presentation “ALIPA Webinar” dated August 27, 2020.According to the World Bank, the double whammy of the oil price fall, and the COVID-19 pandemic has put Nigeria on the path to economic ruin and may not get out of it quickly if significant policy changes are not made.
Nigeria’s GDP decreases by –6.10% in Q2 2020 — NBS. A decline in GDP means major economic activities are slow or sluggish, which may be a result of several factors.The latest GDP number somewhat surpassed both the IMF and World bank forecast for year 2020, which implies the nation’s economy may witness yet the biggest contraction in four decade.
The International Monetary Fund (IMF) has lowered Nigeria’s Gross Domestic Product (GDP) growth forecast for 2020, saying it envisages that the economy …
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Nigeria’s Gross Domestic Product (GDP) in real terms declined by 6.10% (year-on-year) in Q2 2020, thereby ending the 3-year trend of low but positive real growth … The Trading Economics Application Programming Interface (API) provides direct access to our data.
Nigeria gdp for 2018 was $398.16B, a 5.97% increase from 2017. The aggregate GDP under the quarter in review stood at N34.02 trillion in nominal terms According to the national bureau of statistics in its latest report. Nigeria’s Gross Domestic Product (GDP) grew by 1.87%(year-on-year) in real terms, representing a drop of 0.23% points compared to Q1 2019 and 0.68% points decline compared to Q4 2019 GDP Growth Rate YoY