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BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 - Business - Nairaland

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BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by maximunimpact(m): 7:36am On Sep 05, 2017
The Nigerian economy has rallied back into growth after suffering contraction for five consecutive quarters. Official results from the National Bureau of Statistics (NBS) ) has shown that the economy grew at 0.55 per cent in the second quarter (Q2) of 2017, effectively removing Nigeria out of recession.

FINANCIAL WATCH reported earlier Latest survey by Bloomberg which suggest that top Africa’s economy – Nigeria and South Africa who has been battling with dwindling economy may be on her way out of recession. According to the survey, Nigeria’s GDP likely grew 1.6 per cent from a year earlier after contracting for five straight quarters.

The Q2 2017 growth rate of 0.55 per cent (year-on-year) was 2.04 per cent higher than the rate recorded in the corresponding quarter of 2016 (-1.49%) and higher by 1.46 per cent points from rate recorded in the preceding quarter, which was revised to –0.91% from –0.52% due to revisions to crude output for March 2017.

According to the preliminary results for the second quarter of the year, Nigeria’s economic recovery was driven principally by the performance of four main economic activities comprising oil, agriculture, manufacturing and trade.

The results revealed that Oil GDP recovered significantly from -11.63 per cent in Q2 2016 and -15.40 per cent in Q1 2017 to 1.64 per cent in Q2 2017.

But while Oil GDP expanded considerably in the second quarter of 2017, Non-oil GDP only grew at 0.45 per cent, down from 0.72 per cent in the preceding quarter and -0.38 in the corresponding period in 2016.

It also showed that agriculture continued its strong and positive growth, which it had maintained throughout the recession, growing by 3.01 per cent in Q2 2017, from 3.39 per cent in Q1 2017 and 4.53 per cent in Q2 2016.

Manufacturing retained its positive growth for the second consecutive quarter in Q2 2017, growing at 0.64 per cent compared to 1.36 per cent in Q1 2017 and -3.36 per cent in Q2 2016, while trade which has a dominant share of GDP remained negative at -1.62 per cent, but the contraction in the sector decelerated from the -3.08 per cent recorded in Q1 2017.

Furthermore, electricity and gas and financial institutions sectors also recorded strong growths, with electricity and gas growing by 35.5 per cent, compared to -5.04 per cent in Q1 2017 and -10.46 per cent in Q2 2016 and financial institutions growing by 11.78 per cent in Q2 2017, compared to 0.60 per cent in Q1 2017 and -13.24 per cent in Q2 2016.

The results also showed that the industry sector grew positively by 1.45 per cent in Q2 2017, after nine consecutive quarters of negative growth since Q4 2014.

As a percentage of GDP, services retained the giant share of GDP at 53.73 per cent in Q2 2017, down by 1.94 per cent points (55.67 per cent) from the first quarter of 2017 and 54.80 per cent in Q2 2016; industries accounted for 23.31 per cent of GDP, compared to 22.90 recorded in Q1 2017 and 22.65 per cent in Q1 2016; while agriculture accounted for 22.97 per cent of GDP in the quarter under review, compared to 21.43 per cent in Q1 2017 and 22.55 per cent in Q2 2016.

https://www.financialwatchngr.com/2017/09/05/breaking-nigeria-officially-exits-recession-gdp-grew-0-55-q2/

Mynd44, Lalasticlala, Seun

17 Likes 3 Shares

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by smartty68(m): 7:39am On Sep 05, 2017
If you believe that Nigeria is outta recession, click share, still in recession click like. I don't believe ni..... Hungry everywhere undecided

260 Likes 53 Shares

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by clarocuzioo(m): 7:41am On Sep 05, 2017
Does this translate to all or a greater percentage of people who lost their jobs gaining it back?? Does this translate to prices of comodites in the market dropping drastically?? Does this translate to improved standard of living for the Nigerian populace?? Does this translate to businesses bouncing back?? If no, then those things are mere figures that are not in tandem with reality

134 Likes 5 Shares

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by smartty68(m): 7:42am On Sep 05, 2017
clarocuzioo:
Does this translate to all or a greater percentage of people who lost their jobs gaining it back?? Does this translate to prices of comodites in the market dropping drastically?? Does this translate to improved standard of living for the Nigerian populace?? Does this transmission to businesses bouncing back?? If no, then those things are mere figures that are not in tandem with reality
Don't mind the government, let them keep manipulating the figures and keep on deceiving the masses undecided

81 Likes 4 Shares

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by oz4real83(m): 7:44am On Sep 05, 2017
Nice news. Once the economic variables stabilize,it will start reflecting in the lives of the people. Although it will take time but we are getting there.

60 Likes 6 Shares

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by GavelSlam: 7:45am On Sep 05, 2017
clarocuzioo:
Does this translate to all or a greater percentage of people who lost their jobs gaining it back?? Does this translate to prices of comodites in the market dropping drastically?? Does this translate to improved standard of living for the Nigerian populace?? Does this transmission to businesses bouncing back?? If no, then those things are mere figures that are not in tandem with reality

It is obvious you don't know what recession is.

You've only been using the term because your neighbour used it.

109 Likes 8 Shares

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by tobillionaire(m): 7:46am On Sep 05, 2017
thy shld send me d data lemme calculate d trend myself myself.... then I'll believe dem

3 Likes 1 Share

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by GavelSlam: 7:48am On Sep 05, 2017
smartty68:

Don't mind the government, let them keep manipulating the figures and keep on deceiving the masses undecided

Don't tell me the 68 in your moniker is the year you were born Godswill.

8 Likes 1 Share

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by maximunimpact(m): 7:48am On Sep 05, 2017
the economy is obviously improving, even prices of food are crashing, same with petrol and gas. Before the end of the year Nigerians will feel the impact

23 Likes 3 Shares

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by clarocuzioo(m): 7:48am On Sep 05, 2017
GavelSlam:


It is obvious you don't know what recession is.

You've only been using the term because your neighbour used it.
At least I know it from Aunty Kemi's definition, "recession is just a word"", is that not right??

69 Likes 3 Shares

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by GavelSlam: 7:48am On Sep 05, 2017
clarocuzioo:

At least I know it from Aunty Kemi's definition, "recession is just a word"", is that not right??

Go to school.

25 Likes

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by clarocuzioo(m): 7:50am On Sep 05, 2017
GavelSlam:


Go to school.


Please send me

50 Likes 1 Share

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by GavelSlam: 7:52am On Sep 05, 2017
clarocuzioo:


Please send me

I am not qualified to train the handicapped.

28 Likes 2 Shares

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by smartty68(m): 7:52am On Sep 05, 2017
GavelSlam:


Don't tell me the 68 in your moniker is the year you were born Godswill.
And who is behind this moniker? cheesy

14 Likes

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by BreezyCB(m): 7:52am On Sep 05, 2017
grin
Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by 9jayes: 7:53am On Sep 05, 2017
clarocuzioo:

At least I know it from Aunty Kemi's definition, "recession is just a word"", is that not right??

3 Likes

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by clarocuzioo(m): 7:54am On Sep 05, 2017
GavelSlam:


I am not qualified to train the handicapped.
Then why are you disturbing the handicapped when you know you are not qualified to train them, is than not a proper definition of lunacy??

84 Likes 5 Shares

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by Heromaniaa: 7:54am On Sep 05, 2017
Big fat lie.

2 Likes

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by Nobody: 7:54am On Sep 05, 2017
oh? is that why buhari rose from the dead to bring back the recession. every time that man leaves, things get better and he returns and pulls it apart again. no sane country wouldn't have impeached buhari by now, he's unfit to be president, a president's health issue is top-secret, they have private doctors that treat them etc, have u ever heard obama is ill? they take care of everything under covers. yet this man has been in international coma longer than he's been in aso rock and walks around clinging unto one thread of life and we haven't evolved to the point of taking initiative.

buhari has made many selfish choices on issues that involve nigerians and abused their rights as democrats. he's very regressive, always an embarrassment to nigeria and again very selfish, not even decent enough to voluntarily resign & vacate the seat to battle his demons, he wants to put everyone through it. nigeria will never get over how their bile of hatred caused them to elect this vile creature.

9 Likes 4 Shares

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by lincolnj88: 7:54am On Sep 05, 2017
grin positive news at last.. Hope 2019 election campaign won't affect this breath relief trend.. . Mind you Buhari inherited a GDP of $563 billion ..presently we are $411 billion, so he still has a long way to go, before he can take us to the point he met us. .. Not even talking of surpassing $600 billion GDP mark.. .

Take a look at GDP GEJ he inherited and what he left for Buhari ... Mind you as at handover 2015 Q2 it was $563

7 Likes 2 Shares

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by flyca: 7:54am On Sep 05, 2017
Story! Fuel is still 145.
Rice nko? Abegi!

16 Likes 1 Share

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by bedspread: 7:54am On Sep 05, 2017
Good News.... But hope its not Just on the pages of Newspapers
Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by oneeast: 7:55am On Sep 05, 2017
What is the price of a bag of rice at Ochanja or Oshodi markets? cheesy

Why are they bandying figures around when the common man's way of assessing the economic situation depends on how much he buys essential commodities.

This government is the worst ever in the history of Nigeria.

19 Likes 3 Shares

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by CHANNELStv2020: 7:55am On Sep 05, 2017
Nonsense useless government

7 Likes 1 Share

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by GavelSlam: 7:55am On Sep 05, 2017
clarocuzioo:

Then why are you disturbing the handicapped when you know you are not qualified to train them, is than not a proper definition of lunacy??

I care for the environment.

Your guardians should care for you.

5 Likes

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by DickDastardLION(m): 7:55am On Sep 05, 2017
grin
Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by Mutuwa(m): 7:56am On Sep 05, 2017
smartty68:
If you believe that Nigeria is outta recession, click share, still in recession click like. I don't believe ni..... Hungry everywhere undecided

Until e reach my pocket or those close to me..recession de like ASUU de on strike.

3 Likes

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by bastien: 7:56am On Sep 05, 2017
Lamba

1 Like

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by Bolaji25: 7:56am On Sep 05, 2017
Hmmm..Na wa o...Naija we hail thee...
It is well.

1 Like 1 Share

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by digoster(m): 7:56am On Sep 05, 2017
This is a very useless lie

6 Likes 1 Share

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by Celestyn8213: 7:57am On Sep 05, 2017
shocked I DON'T BELIEVE IT

1 Like

Re: BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 by jy2kbeyond(m): 7:57am On Sep 05, 2017
Exit which recession. Abi FG and it's economic team dey craze? We are rather sinking more into recession. keep those statistics to yourselves. We dey street and we can see.

5 Likes 2 Shares

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