Posted on Sat 21 Nov 2020, 03:44 PM

Nigeria's  economy has entered its second recession in five years as official figures published by the Nigeria Bureau of Statistics on Saturday showed that the economy shrank again in the third quarter of this year.

The nation’s economy maintained a second consecutive negative growth after contracting by 3.62 per cent in the third quarter.

The cumulative Gross Domestic Product (GDP) for the first nine months of 2020, therefore, stood at -2.48 per cent just as it recorded a -6.10 per cent in the second quarter.

“Nigeria’s gross domestic product (GDP) recorded a growth rate of –3.62% (year-on-year) in real terms in the third quarter of 2020,” the report partly read.

“Cumulatively, the economy has contracted by -2.48%While this represents an improvement of 2.48% points over the –6.10% growth rate recorded in the preceding quarter (Q2 2020), it also indicates that two consecutive quarters of negative growth have been recorded in 2020.

“Furthermore, growth in Q3 2020 was slower by 5.90% points when compared to the third quarter of 2019 which recorded a real growth rate of 2.28% year on year.”

The economy, which emerged from its first recession in 25 years in Q2 of 2017 when it posted a 0.7 per cent growth, had continued its slow recovery since then but the COVID-19 crisis made things worse.

 

 

Add new comment

Filtered HTML

  • Web page addresses and e-mail addresses turn into links automatically.
  • Allowed HTML tags: <a> <em> <strong> <cite> <blockquote> <code> <ul> <ol> <li> <dl> <dt> <dd>
  • Lines and paragraphs break automatically.

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
By submitting this form, you accept the Mollom privacy policy.
Get the Latest News updates from Homeland New. Read more
Phone: +234 818 217 4858
Email: info@homelandnewsng.com

Newsletter

Subscribe to our Newsletter to get latest updates!

Connect With Us