The Nigerian Bureau of Statistics, NBS, has said on Monday that Nigeria has consolidated her economic growth by adding yet another 1.40% GDP growth in the third quarter of 2017.
The nation’s Gross Domestic Product, GDP, grew in Q3 2017 by 1.40% (year-on-year) in real terms, the second consecutive positive growth since the emergence of the economy from recession in Q2 2017, Breaking Times reports.
This growth is 3.74% points higher than the rate recorded in the corresponding quarter of 2016 ( –2.34%) and higher by 0.68% points from the rate recorded in the preceding quarter, which was revised to 0.72% from 0.55% (Q2 was revised following revisions by NNPC to oil output and hence led to revisions to Oil GDP).
Quarter on quarter, real GDP growth was 8.97% Year to date Real GDP growth stands at 0.43%. In the quarter under review, aggregate GDP stood at N29,451,303.99m in nominal terms higher when compared to N26,537,651.01 million in Q3 2016, resulting in a Nominal GDP growth of 10.98%.
This growth is higher relative to growth recorded in Q3 2016 of 9.15%, Daily Times reported.
The monetary policy committee is scheduled to announce its final rate decision for the year on Tuesday. The MPC has kept the benchmark rate at a record high of 14 percent since July 2016.
