Nigeria’s Gross Domestic Product (GDP) grew in third quarter of 2017 by 1.40 percent in real terms, the National Bureau of Statistics (NBS) said on Monday.
In a report titled ‘Nigeria Gross Domestic Product Report’, the NBS noted that the development represents the second consecutive positive growth since the emergence of the economy from recession in the second quarter of 2017.
The report explained that the growth is 3.74 percent points higher than the rate recorded in the corresponding quarter of 2016, put at –2.34 percent. It also revealed that the figure is higher by 0.68 per cent points from the rate recorded in the second quarter of the same year, put at 0.72 per cent.
The second quarter growth figure was revised to 0.72 percent from 0.55 percent, following revisions by NNPC to oil output which hence led to revisions to Oil GDP.
Further analysis shows that quarter on quarter, real GDP growth was 8.97 percent while ‘Year to date Real GDP’ growth stands at 0.43 percent.
In the quarter under review, aggregate GDP stood at N29.5 trillion in nominal terms, the NBS said. The growth figure is higher when compared to N26.5 trillion in third quarter of 2016, resulting in a Nominal GDP growth of 10.98 percent.