BREAKING: Nigeria officially in recession, GDP growth drops to -2.06%
Kemi AdeosunThe Minister for Finance, Kemi Adeosun
Ifeanyi Onuba, Abuja
The National Bureau of Statistics on Wednesday discharged the quite anticipated Gross Domestic Product figures for the second quarter of 2016 with the GDP development rate sliding further from - 0.36 for each penny in the primary quarter to - 2.06 for each penny year-on-year.
The negative development rate recorded in the second quarter of this current year is an affirmation of the expectations by the Federal Government and market analysts that the nation was heading into retreat.
A subsidence is characterized as a huge decrease in exercises over the economy, enduring longer than a couple of months. It is noticeable in modern generation, occupation, genuine wage and wholesale retail exchange.
The specialized pointer of a subsidence is two successive quarters of negative monetary development as measured by a nation's GDP.
In the GDP report discharged by the NBS, the authority said, "In the second quarter of 2016, the country's Gross Domestic Product declined by - 2.06 for every penny (year-on-year) in genuine terms.
"This was lower by 1.70 for every penny focuses from the development rate of –0.36 per penny recorded in the previous quarter, furthermore bring down by 4.41 for each penny focuses from the development rate of 2.35 for each penny recorded in the relating quarter of 2015. Quarter on quarter, genuine GDP expanded by 0.82 for each penny."
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