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Economy: Nigeria’s GDP declines by 2.11%, NBS says

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Economy: Nigeria’s GDP declines by 2.11%, NBS says

The Gross Domestic Product, GDP of  Nigeria declined to 2.11% in the fourth quarter of 2015 as against 2.84% in the third quarter, the National Bureau of Statistics, NBS, has said.

The nation’s economy also grew at 3.86 per cent and 2.35 per cent in the first and second quarters of 2015.

This was contained in the fourth quarter report released on Tuesday by the NBS, adding that the growth rate was lower by 0.73 per cent relative to the growth recorded in the preceding quarter and by 3.83 per cent in the corresponding quarter of 2014. The report however said the quarter-on-quarter real GDP growth rate increased by 3.10 per cent.

Read also: SMEs heroes of Nigerian economy, Enelamah says

The report further states that during the quarter under review, aggregate GDP stood at N24.31 trillion (in nominal terms) at basic prices or 6.02 per cent higher than the N22.93 trillion in the fourth 2014 while nominal GDP growth was also higher relative to growth recorded in Q1 2015 by 0.85 per cent.

The growth witnessed in Q4 was mainly driven by the non-oil sector, contributing 91.94 per cent to the nation’s GDP in real terms. These included the activities of trade, crop production, information and communication, other services and real estate.

According to the NBS report, real growth of the oil sector slowed by 8.28 per cent (year-on-year) in Q4 of 2015, showing a decline of 1.18 per cent relative to growth recorded in Q4 of 2014.

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