Nigeria’s GDP declines 1.73% year-on-year in Q4 2016

Data from the Nigeria Bureau of Statistics released Tuesday, October 24, 2017, indicates that the country’s Gross Domestic Product (GDP) declined in the third and fourth quarters of 2016.

In real terms year on year growth in GDP declined by 2.34% and 1.73%, in the third and fourth quarter respectively, continuing the negative growth trend from the first half of 2016.

It explained that the household and government consumption expenditures contributed to the fall in the third and fourth quarters, however a strong recovery in growth in net exports, particularly in the fourth quarter helped to stem the decline.

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

According to the report, the National Disposable Income recorded a strong growth in comparison to the GDP in the second half of 2016 in real terms.

This it said was partly as a result of increases in other net transfers from the rest of the World.

The report stated that Year on Year growth in Domestic Compensation of Employees in real terms declined, as the operating surplus declined in the third and fourth quarters but grew overall in real terms in 2016