Nigeria’s GDP Records 0.82% Growth Rate in 2017, Says NBS

The National Bureau of Statistics (NBS), on Tuesday, in a release of the full year 2017 Gross Domestic Product growth rate for the country, says the country’s economy growing by 0.82 per cent in 2017.

The 0.82 per cent growth in GDP is an improvement over the contraction of -1.58 per cent which the economy recorded in 2016 during the period of recession.

The NBS, in the report, said the economy further consolidated its recovery from recession with GDP growing by 1.92 per cent in the fourth quarter of 2017, as against 1.4 per cent in the third quarter.

The NBS report said GDP growth in the fourth quarter of 2017 was driven by growth in crop production, crude production and natural gas, metal ores, construction, transportation and storage, trade, electricity and gas production.

For instance, the report said crop production grew by 4.58 per cent in the fourth quarter of 2017 compared to 3.19 per cent in the third quarter 2017.

Crude production, it noted grew by 8.38 per cent in the fourth quarter of 2017 compared to 25.89 per cent in the third quarter of 2017.

It added that Metal Ore grew by 31.86 per cent in the fourth quarter of 2017 compared to 10.70 per cent in the third quarter of 2017.