Thursday, November 26, 2020
Home Business Nigeria Economy Shrinks By 6.10 Percent In Q2

Nigeria Economy Shrinks By 6.10 Percent In Q2

Nigeria economy Shrinks by 6.10 percent in Q2 for the first time in more than three years.

The nation’s economy shrank in the second quarter of this year as the Gross Domestic Product fell by 6.10 per cent.

This was revealed by the National Bureau of Statistics, in its GDP report for Q2 2020, on Monday.

It said that the decline was largely attributable to significantly lower levels of both domestic and international economic activity, which resulted from nationwide shutdown efforts aimed at containing the COVID-19 pandemic.

The NBS said:

Gross Domestic Product decreased by –6.10 per cent (year-on-year) in real terms in the second quarter of 2020, ending the three-year trend of low but positive real growth rates recorded since the 2016/17 recession.

When compared with Q2 2019, which recorded a growth of 2.12 per cent, the Q2 2020 growth rate indicated a drop of 8.22 per cent, and a fall of 7.97 per cent when compared to the first quarter of 2020 (1.87 per cent).

Consequently, for the first half of 2020, real GDP declined by –2.18 per cent year on year, compared with 2.11 per cent recorded in the first half of 2019. Quarter on quarter, real GDP decreased by –5.04 per cent. Furthermore, only 13 activities recorded positive real growth compared to 30 in the preceding quarter.


DISCLAIMER

For publication of your news content, articles, videos or any other news worthy materials, please send a mail to thefreshrepo[email protected]

For Advert and other info, you can call +2348084076066 or send a WhatsApp Message to +2347050565443


Join thousands of readers to receive daily Latest News:

Freshreporters telegram groupJoin our Telegram Group

Freshreporters Facebook pageLike our Facebook Page

Freshreporters WhatsApp groupJoin our WhatsApp Group

Freshreporters twitter pageFollow Us on Twitter

Freshreporters Facebook pageJoin Our FACEBOOK GROUP

Freshreporters Instagram pageFollow Us on Instagram

Freshreporters YouTube channelSubscribe to our YouTube Channel

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Viewed news

Former President Goodluck Jonathan Gets New Appointment

Former Nigerian president, Goodluck Ebele Jonathan has been appointed by the Economic Community of West African States, ECOWAS, as a special envoy to lead...

Gokada Founder, Fahim Saleh Found Decapitated Next To Electric Saw.

33-year-old, Fahim Saleh, a millionaire tech CEO known as the "Elon Musk of the developing world" is dead

VIDEO: COVID-19 Might Be Airborne, Wear Face Masks – NCDC Boss Warns Nigerians

The director-general of Nigeria Centre for Disease Control, NCDC, Dr Chikwe Ihekweazu, says there are possibilities that coronavirus (COVID-19) can be transmitted through the...

Watch Moment A Dead Man Was Forced Out Of Casket After Refusing To Be Taken Home For Burial

A funny but yet a terrifying moment saw a corpse in Anambra state was forced out of a casket after allegedly refusing to be...