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Nigeria’s GDP declines further by -2.06 per cent year-on-year – NBS

The National Bureau of Statistics (NBS), says the  Nigeria’s Gross Domestic Product (GDP) declines by -2.06 per cent (year-on-year) in the second quarter of 2016, confirming  the nation is experiencing economic recession.

The NBS said in its GDP Quarterly Report posted on its Website that the figure was lowered by 1.70 per cent points from the growth rate of -0.36 per cent recorded in the preceding quarter.

It also said that the figure was lowered by 4.41 per cent points from the growth rate of 2.35 per cent recorded in the corresponding quarter of 2015.

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According to the bureau, it records an increase of 0.82 per cent quarter on quarter.

It said that during the quarter, nominal GDP was N23.48 trillion at basic prices representing 2.73 per cent higher than the N22.86 recorded in the second quarter 2015.

The NBS said that the growth was lower than the rate recorded in the second quarter of 2015 by 2.44 per cent.

The Bureau said that in the period under review, the real growth in the oil sector was 17.48 per cent year-on-year in the second quarter of 2016.

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It, however, said that growth declined by 10.68 per cent and recorded 15.59 per cent relative to growth in the second quarter of 2015 and first quarter of 2016 respectively.

The Bureau said that quarter-on-quarter, growth also slowed by -19.11 per cent but as a share of the economy; the oil sector contributed 8.26 per cent to total real GDP.

This, it said, was down from the contribution recorded in the corresponding period of 2015 and the first quarter of 2016 by 1.54 per cent and 2.03 per cent respectively.

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The NBS said that growth in the non-oil sector was driven by seven activities from agriculture, information and communication, water supply, arts entertainment and recreation, professional scientific and technical services, education.

It said that other services grew positively, while the remaining 19 major sectors, many of which were substantially indirectly dependent on the oil sector, recorded negative growth.

The bureau said that the non-oil sector declined by 0.38 per cent in real terms in the second quarter of 2016, while recording growth rate of 0.20 per cent.

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