No cause for alarm - Presidency reacts as Nigeria’s GDP shrinks by -6.10% in Q2

Mr Femi Adesina, the Special Adviser to
 the President on Media and Publicity (Premiumtimes)

The Presidency says the Second Quarters 2020 Gross Domestic Product (GDP) estimates released by the National Bureau of Statistics (NBS) is relatively far better than many other countries recorded during the same quarter.

Mr Femi Adesina, the Special Adviser to the President on Media and Publicity, stated this in a statement in Abuja on Wednesday.

The statement read in part: “Nigeria’s (GDP) declined by –6.10% (year-on-year) in real terms in the second quarter of 2020, ending the 3-year trend of low but consistently improving positive real growth rates recorded since the 2016/17 recession.

“Consequently, for the first half of 2020, real GDP declined by –2.18% year-on-year, compared with 2.11% recorded in the first half of 2019.

 

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