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Nigeria officially in recession as GDP growth drops to -2.06%

31 August 2016, 11:21

Abuja - The National Bureau of Statistics on Wednesday released the much-awaited Gross Domestic Product figures for the second quarter of 2016 with the GDP growth rate sliding further from -0.36 per cent in the first quarter to -2.06 per cent year-on-year, Punch reports.

In the GDP report released by the NBS, the bureau said, “In the second quarter of 2016, the nation’s Gross Domestic Product declined by -2.06 per cent (year-on- year) in real terms.

“This was lower by 1.70 per cent points from the growth rate of –0.36 per cent recorded in the preceding quarter, and also lower by 4.41 per cent points from the growth rate of 2.35 per cent recorded in the corresponding quarter of 2015. Quarter on quarter, real GDP increased by 0.82 per cent.”

A recession is defined as a significant decline in activities across the economy, lasting longer than a few months. It is visible in industrial production, employment, real income and wholesale retail trade.

Minister of Finance Kemi Adeosun had stated that Nigeria is technically in recession while fielding questions from senators in July according to News24.

When asked by the Senators if there was a strategy by the government to diversify the economy, Adeosun said the Federal Government was tackling the problem by bridging the infrastructural gap.

- News 24

Tags nigeria

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