The National Bureau of Statistics officially released the Country’s GDP for the last quarter of 2016 and the entire year.
In
the fourth quarter of 2016, the nation’s Gross Domestic Product (GDP)
contracted by -1.30% (year-on-year) in real terms, from N18,533.75
billion in Q4 2015 to
N18,292.95 billion in Q4 2016. This decline was less severe than the
decline recorded in the previous quarter, of -2.24%, but was
nevertheless lower than the growth rate recorded in the final quarter of
2015, of 2.11%. Quarter on quarter, real GDP increased
by 4.09%, which partly reflects seasonal factors as well as a rise in
the general price level.
For
the full year 2016, GDP contracted by -1.51%, indicating real GDP of
N67,984.20 billion for the year. This contraction reflects a difficult
year for Nigeria,
which included weaker inflation induced consumption demand, an increase
in pipeline vandalism, significantly reduced foreign reserves and a
concomitantly weaker currency, and problems in the energy sector such as
fuel shortages and lower electricity generation.
We however expect a turn of events for 2017as projected in our 2017
Outlook
and given recent economic realities, we believe the country is tilting
towards the path of recovery and remain convinced the nations GDP will
grow in the region
of between 1.00% to 1.50% in 2017.
Kindly click
here to download the full GDP report.
Kind Regards.
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