“Quarter on quarter, real GDP growth was –14.27% compared to 5.59% recorded in the preceding quarter.”
Nigeria’s Gross Domestic Product grew by 1.87% on a year-on-year basis in the first quarter of 2020 despite many economic contractions around the world, a new by National Bureau of Statistics report has shown.
The growth was despite the decline of crude prices since the first quarter of 2020 due to the coronavirus outbreak. But when compared to the previous quarter, the economy shrunk from 2.55% to 1.87%. In Q1 2020, aggregate GDP stood at N35,647,406.08 million in nominal terms. This performance was higher when compared to the first quarter of 2019 which recorded N31,824,349.67 million, with a nominal growth rate of 12.01% year on year, NBS said.
The economy, heavily dependent on oil revenue, is projected to contract by 3.4 percent this year, Nigerian Government said in May.
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