Economy

Nigerian economy has grown by 0.82 percent post recession

Nigerian economy has grown by 0.82 percent post recession”

Portfolio Investment, which recorded $3,477.5 million in the fourth quarter of 2017, remained the largest component of capital imported and contributed 64.6 percent of the total amount ($5,382.86).

"The other notable element of the data is that the non-oil sector experienced a strong growth of 1.45% in Q4 2017 as compared to a contraction in the previous quarter and the whole of 2016".

The NBS stated: "The nation's Gross Domestic Product (GDP) grew in Q4'17 by 1.92 percent (year-on-year) in real terms, maintaining its positive growth since the emergence of the economy from recession in Q2'17".

USA economic growth slowed slightly more than initially thought in the fourth quarter after the strongest pace of consumer spending in three years depleted inventories and drew in imports as businesses struggled to produce enough goods and services.

Trump has said he expects to achieve GDP growth of 4 percent or better, although his new budget is based on an expectation that the economy will expand at average annual rates of 3 percent over the next decade.

The annual growth of the oil sector stood at 4.79 per cent higher than the previous year's growth of -14.45 per cent. The 3 percent GDP forecast has been challenged as overly optimistic by private forecasters, who point to the retirements of the baby boom generation and lagging productivity as factors likely to constrain GDP growth.

The NBS report showed that real growth of the oil sector was 8.38 per cent (year-on-year) in Q4 2017. Annual contribution was 91.32% and 91.65% in 2016, NBS said.

The non-oil sector recorded an annual growth of 0.47 percent compared to -0.22 percent in 2016.

The annual contribution was recorded as 8.83 per cent in 2017 and 8.77 per cent in 2016.

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

The Nigerian economy contracted by -1.58 percent in 2016.

The growth rate of the sector on a quarter-on-quarter basis stands at 5.02 per cent and annually, stands at -0.21 per cent.

In the advance estimate, the increase in real GDP was 2.6%. That was the quickest pace since the fourth quarter of 2014 and followed a 2.2 percent rate of growth in the July-September period.

Domestic demand grew at an unrevised 4.6 percent rate in the fourth quarter, the fastest pace in more than three years. "We now have a more diversified growth".



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