Amid economic worries, NBS latest report puts Nigeria’s GDP growth rate at 0.82%

A report released by the National Bureau of Statistics (NBS) on Tuesday has shown that Nigeria’s Gross Domestic Product (GDP) grew by 0.82 per cent in 2017.

The 0.82 per cent growth in GDP means that the country’s economy improved from the contraction of -1.58 per cent which it recorded in 2016 during the period of recession.

This is coming amid worries by many Nigerians over the nation’s economy which has seemingly taken a dive under the present administration.

The bureau stated in the report made available to newsmen that the economy got further strengthened with GDP growing by 1.92 per cent, after recovery from recession, in the fourth quarter of 2017, as against 1.4 per cent in the third quarter.

According to the NBS report, the GDP growth in the fourth quarter of 2017 was helped by growth in crop production, crude production and natural gas, metal ores, construction, transportation and storage, trade, electricity and gas production.

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Crop production for instance, was indicated to have grown by 4.58 per cent in the fourth quarter of 2017 compared to 3.19 per cent in the third quarter 2017, the report said.

Also, crude production, it said, grew by 8.38 per cent in the fourth quarter of 2017 compared to 25.89 per cent in the third quarter of 2017.

It further explained that Metal Ore made an improved growth of 31.86 per cent in the fourth quarter compared to the record of 10.70 per cent in the third quarter.

 

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