October 1, 2020
  • October 1, 2020
economy GDP

Nigeria’s GDP contracts 6.1% in Q2 -NBS

By on August 24, 2020 0 87 Views

Nigeria’s economy contracted at 6.10 percent in the second quarter of the year from 1.87 percent growth in the first quarter of the year, the National Bureau of Statistics (NBS said on Monday.
The economic contraction was led by the oil sector, which shrank by 6.63 percent and non-oil GDP contracted by 6.05 percent, the data from the NBS stated.
The Q2 2020 Real GDP contracted by -6.10 % compared to 1.87% in Q1 2020 & 2.12% in Q2 2019.

Oil GDP contracted by -6.63% (5.06% in Q1 2020; 5.15%% in Q2 2019).

Non-Oil GDP contracted -6.05% (1.55% in Q1 2020; 1.64% in Q2 2019)

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