The nation’s economy has snapped out of its first recession in 25 years as Gross Domestic Product has returned to positive growth.
The National Bureau of Statistics on Tuesday said the GDP grew by 0.55 percent (year-on-year) in real terms in the second quarter of 2017.
The GDP shrank by 0.52 percent (year-on-year) in real terms in the first quarter of 2017, representing the fifth consecutive quarter of contraction since the first quarter of 2016.
“This growth is 2.04 percent higher than the rate recorded in the corresponding quarter of 2016 ( –1.49 percent) and higher by 1.46 percent points from the rate recorded in the preceding quarter, (revised to –0.91 percent from –0.52 percent). Quarter on quarter, real GDP growth was 3.23 percent,” the NBS said in the Q2 2017 GDP report.
The economy had shrunk by 1.5 per cent in 2016, the first full-year contraction in 25 years.
After several quarters of slowdown in growth on the back of the steep fall in crude oil prices, the economy contracted by 0.4 percent in the first quarter of 2016, 2.1 percent in the second quarter, 2.2 percent in the third, and 1.3 percent in the fourth.