Pegasus Reporters Issues on the Wing
“The performance appeared to have signaled an exit from the second recession”
Source: Villa Updates
Nigeria’s Gross Domestic Product (GDP) grew by 0.11 percent (year-on-year) in real terms in the fourth quarter of 2020 (Q4 2020), representing the first positive quarterly growth in the last three quarters, according to the National Bureau of Statistics (NBS).
*Zainab Ahmed, Nigeria’s minister of finance
The performance appeared to have signaled an exit from the second recession.
Though weak, the positive growth reflects the gradual return of economic activities following the easing of restricted movements and limited local and international commercial activities in the preceding quarters, the NBS stated.
As a result, while the Q4 2020 growth rate was lower than the growth rate recorded the previous year by –2.44 percentage points, it was higher by 3.74 percentage points compared to Q3 2020
According to the fourth quarter, 2020 GDP estimate released Thursday, on a quarter-on-quarter basis, real GDP growth was 9.68 percent indicating a second positive consecutive quarter-on-quarter real growth rate in 2020 after two negative quarters.
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