Nigeria’s GDP Contracts By -0.52% In First Quarter Of 2017

Nigeria’s Gross Domestic Product (GDP) has contracted by – 0.52 per cent in the first quarter of 2017.

This was revealed on Tuesday in a report from the National Bureau of Statistics.

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The data which is 0.15 per cent higher than the rate recorded in the corresponding quarter of 2016, represents the fifth consecutive quarter of contraction.

The Statistician-General of the Federation, Dr Yemi Kale, however, said this is but the best performance in four quarters.

Aggregate GDP was put at 26.02 trillion Naira, leading to a nominal GDP growth of 17.06 per cent.

Oil GDP contracted by -11.64 per cent, while non-oil GDP grew by 0.72 per cent, its best performance in four quarters.

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