In News by Oluwaseun Samuel on the 24th, August, 2020

Nigeria’s Economic system Shrinks By 6.10% In Q2

Nigeria’s Economy Shrinks By 6.10% In Q2

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Nigeria’s Economic system Shrinks By 6.10% In Q2

For the primary time in additional than three years, the nation’s financial system shrank within the second quarter of this yr because the Gross Home Product fell by 6.10 per cent.

The Nationwide Bureau of Statistics, in its GDP report for Q2 2020, stated on Monday that the decline was largely attributable to considerably decrease ranges of each home and worldwide financial exercise, which resulted from nationwide shutdown efforts aimed toward containing the COVID-19 pandemic.


“Gross Home Product decreased by –6.10 per cent (year-on-year) in actual phrases within the second quarter of 2020, ending the three-year pattern of low however constructive actual progress charges recorded for the reason that 2016/17 recession,
” the NBS stated.

It stated compared with Q2 2019, which recorded a progress of two.12 per cent, the Q2 2020 progress price indicated a drop of eight.22 per cent, and a fall of seven.97 per cent when in comparison with the primary quarter of 2020 (1.87 per cent).


“Consequently, for the primary half of 2020, actual GDP declined by –2.18 per cent yr on yr, in contrast with 2.11 per cent recorded within the first half of 2019. Quarter on quarter, actual GDP decreased by –5.04 per cent. Moreover, solely 13 actions recorded constructive actual progress in comparison with 30 within the previous quarter,
” it added.

The Nigerian financial system, which emerged from its first recession in 25 years within the second quarter of 2017 when it posted a zero.7 per cent progress, had continued its gradual restoration since then.

READ ALSO:  Nigeria Data 79 New Instances Of COVID-19

With one other adverse progress price doubtless in Q3 2020, the financial system will slide into its second recession in 4 years.

 

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