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NBS: Nigeria’s economy records 0.83% growth in 2017 - bureau

Nigeria’s GDP grows by 0.85% in 2017, but there is still a problem

The bureau stated that the 2017 growth rate of 0.83 per cent was higher than the -1.58 per cent recorded in 2016, about 2.42 per cent difference.

The National Bureau of Statistics (NBS) says the country’s economy recorded a real annual growth rate of 0.83 per cent in 2017.

The NBS stated this in a “Nigerian Gross Domestic Product Report for Fourth Quarter 2017 and Full Year Report” posted on the bureau’s website.

The bureau stated that the 2017 growth rate of 0.83 per cent was higher than the -1.58 per cent recorded in 2016, about 2.42 per cent difference.

Meanwhile, the report stated that the nation’s Gross Domestic Product (GDP) grew by 1.92 per cent (year-on-year) in real terms in the fourth quarter of 2017.

According to the report, the economy maintained its positive growth since it emerged from recession in the second quarter of 2017.

It stated that the growth was compared to a contraction of -1.73 per cent recorded in the fourth quarter and a growth of 1.40 per cent recorded in the third quarter of 2017.

In the quarter under review, aggregate GDP stood at about N31.2 million in nominal terms higher, compared to N29.16 million in the fourth quarter of 2016, resulting in a nominal GDP growth of 6.99 per cent.

The report stated that the growth was lower relative to what was recorded in the fourth quarter of 2016 which was 12.49 per cent.

Nominally, the report stated that 2017 recorded an annual growth rate of 12.05 per cent higher by 4.25 per cent compared to 2016 annual growth of 7.80 per cent.

The report stated that GDP growth in the fourth quarter was driven by growth in crop production, crude production and natural gas, metal ores, construction, transportation and storage, trade, electricity and gas production.

It stated that crop production grew by 4.58 per cent in the period under review, compared to 3.19 per cent in the third quarter of 2017 and 4.36 per cent in the fourth quarter of 2016.

The report stated that crude production grew 8.38 per cent in the fourth quarter of 2017, compared to 25.89 per cent in the third quarter of 2017 and a contraction of -17.70 per cent in the fourth quarter of 2016.

It further stated that metal Ore grew to 31.86 per cent in the fourth quarter of 2017, compared to 10.70 per cent in the third quarter of 2017 and 7.03 per cent in the fourth quarter of 2016.

In addition, the report stated that construction grew by 4.14 per cent in the fourth quarter of 2017 compared to a contraction of -0.46 per cent in the third quarter of 2017.

This, it stated, recorded another contraction of -6.03 per cent in the fourth quarter of 2016, representing the strongest growth in construction since the second quarter of 2015.

It stated that transportation and storage grew by 16.57 per cent in the fourth quarter of 2017, compared to -6.25 per cent in the third quarter of 2017 and -5.32 per cent in the fourth quarter of 2016.

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