Nigeria’s GDP Contracts By -0.52% In First Quarter Of 2017


Nigeria’s Gross Domestic Product (GDP) has contracted by – 0.52 per cent in the first quarter of 2017.

This was revealed on Tuesday in a report from the National Bureau of Statistics.

The data which is 0.15 per cent higher than the rate recorded in the corresponding quarter of 2016, represents the fifth consecutive quarter of contraction.

The Statistician-General of the Federation, Dr Yemi Kale, however, said this is but the best performance in four quarters.

Aggregate GDP was put at 26.02 trillion Naira, leading to a nominal GDP growth of 17.06 per cent.

Oil GDP contracted by -11.64 per cent, while non-oil GDP grew by 0.72 per cent, its best performance in four quarters.

By broad categories, agric GDP grew by 3.39 per cent, compared to 4.03 per cent in q4 2016 and 3.09 percent in q1 2016.