Tag Archives: NBS

Expenditures caused decline in GDP

The National Bureau of Statistics (NBS) says the Gross Domestic Product in real terms declined in the third and fourth quarters of 2016.

The NBS made  this known  in its “Nigerian Gross Domestic Product Report on Expenditure and Income Approach for the third and fourth quarter of 2016 released in Abuja.

The decline followed the negative growth trend from the first half of 2016.

It explained  that the household and government consumption expenditures led to the decrease in GDP in both the third and fourth quarter of the year.

The bureau, however, stated that a strong recovery in growth in net exports, particularly in the fourth quarter helped to stem the decline.

The National Disposable Income recorded a strong growth in comparison to the GDP in the second half of 2016 in real terms which was partly as a result of increases in other net transfers from the rest of the World .

The bureau further said that the operating surplus declined in the third and fourth quarters but grew overall in real terms in 2016.



Economic Growth: Don’t lower your guard- Buhari

Nigeria is out of recession, it has been announced. But President Muhammadu Buhari and economists, who are as excited as many Nigerians, are cautious, saying we should not lower our guard.

The National Bureau of Statistics (NBS) in a Gross Domestic Product (GDP) Report for Second Quarter 2017 released by the bureau in Abuja, said Nigeria’s GDP grew by 0.55 per cent (year-on-year) in real terms in the quarter, indicating the emergence of the economy from the recession into which it slipped in 2016.

The Bureau stated that the figure indicated that the economy was out of recession after five consecutive quarters of contraction since first quarter 2016.

An economy is said to be in recession after contracting for two consecutive quarters.

The bureau, however, stated that the growth in the quarter was 2.04 per cent higher than the rate recorded in the corresponding quarter of 2016 (–1.49 per cent).

It is higher by 1.46 per cent points from the rate recorded in the preceding quarter (revised to –0.91 per cent from – 0.52 per cent).

Quarter on quarter, the bureau stated that real GDP growth was 3.23 per cent, adding that during the quarter, aggregate GDP stood at N26, 986,005.20 million, resulting in a Nominal GDP growth of 14.60 per cent.

The growth is higher relative to the growth recorded in the second quarter 2016 (3.01 per cent)

The report also showed that the economic recovery was driven by improved performance of oil, agriculture, manufacturing and trade sectors.

Speaking on the report yesterday in his home town Daura in Katsina State after receiving visiting Nigerien President Mahamadou Issoufou, President Buhari said the real impact of exiting the recession would be better felt when ordinary Nigerians experience a change in their living conditions.