Nigeria has recorded it’s worsts recession since 1987 as the Gross Domestic Product in real terms declined by -3.62% (year-on-year) in the third quarter of 2020.
The contract mark the beginning of a full-blown recession and second consecutive contraction from -6.10 per cent recorded in the previous quarter of this year.
This is according to the third quarter GDP report, released by the National Bureau of Statistics (NBS) on Saturday.
According to the numbers contained in the report, oil GDP contracted by -13.89 per cent from -6.63 per cent in the second quarter of this year and 6.49 per cent in Q3 2019.
The country’s non-Oil GDP contracted -2.51 per cent from -6.05 per cent in Q2 2020 and 1.85 per cent in Q3 2019
Information & Communication under Services GDP grew 14.56 per cent compared to 16.52 per cent in Q2 2020 and 9.88 per cent in Q3 2019.
Services real GDP contracted by -5.49 per cent compared to -6.78 per cent in Q2 2020 and 1.87 per cent in Q3 2019.
Construction under Industry real GDP grew by -2.84 per cent compared to -31.77 per cent in Q2 2020 and 2.37 per cent in Q3 2019.
Industry real GDP contracted by -6.12 per cent compared to -12.05 per cent in Q2 2020 and 3.21 per cent in Q3 2019
Telecoms real GDP grew by 17.36 per cent compared to 18.1 per cent in Q2 2020 and 11.3 per cent in Q3 2019.
Agricultural sector grew by 1.39 per cent compared to 1.58 per cent in Q2 2020 & 2.28 per cent in Q3 2019.
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