NBS

         Nigerian economy grows 1.4% in Q3 2017

Africa’s largest economy exited its first recession in 25 years – due to lower oil revenues and a shortage of hard currency – in the second quarter of 2017 but the recovery has been fragile. The National Bureau of Statistics said oil production, on which the OPEC member state’s economy largely relies, stood at 2.03 million barrels per day in the third quarter.With that development, Nigeria’s economy consolidates exit from recession as Q3 2017 grew by 1.40%compared to 0.71%in Q2 year-on-year in the third quarter, the statistics office said on Monday, extending its slow climb out of recession.

Agric GDP grows by 3.06% in Q3 2017 compared to 3.01% in Q2 2017 and 4.45% in Q3 2016; Industry by 8.83% in Q3 2017(1.45% in q2 2017 & -12.66% in Q3 2016); Services by -2.66% in Q3 2017(-0.85% in q2 2017 &-1.17% in q3 2016).Q3 2017 GDP: Mining and Quarrying GDP grows 25.44%.

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