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.