NATIONAL Bureau of Statistics (NBS) on Tuesday released first quarter gross domestic product (GDP) figures, which confirmed that Nigeria is still in recession.
In the first quarter of 2017, GDP contracted by – 0.52% (year-on-year) in real terms, representing the fifth consecutive quarter of contraction since Q1 2016.
This is 0.15% higher than the rate recorded in the corresponding quarter of 2016 (revised to –0.67% from –0.36%) and higher by 1.21% points from rate recorded in the preceding quarter, (revised to –1.73% from –1.30%).
Quarter on quarter, real GDP growth was –12.92%.
During the quarter, aggregate GDP stood at N26,028,356.03 million in nominal terms, compared to N22,235,315.29 million in Q1 2016, resulting in a Nominal GDP growth of 17.06%.
This growth was higher relative to growth recorded in Q1 2016 (11.39%).