The National Bureau of Statistics has revealed that the nation’s economy has snapped out of its first recession in 25 years, as the Gross Domestic Product grew by 0.55 per cent (year-on-year) in real terms in the second quarter of 2017.
According to the NBS, the GDP shrank by 0.52 per cent (year-on-year) in real terms in the first quarter of 2017, representing the fifth consecutive quarter of contraction since the first quarter of 2016.
“This growth is 2.04 per cent higher than the rate recorded in the corresponding quarter of 2016 ( –1.49 per cent) and higher by 1.46 per cent points from rate recorded in the preceding quarter, (revised to –0.91 per cent from –0.52 per cent). Quarter on quarter, real GDP growth was 3.23 per cent,” the NBS said in the Q2 2017 GDP report.
The economy had shrunk by 1.5 per cent in 2016, the first full-year contraction in 25 years.
