Nigeria’s GDP grows 0.51% in Q1’21 – NBS

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Nigeria’s GDP grows 0.51% in Q1’21 – NBS

GDP

By Elizabeth Adegbesan

The National Bureau of Statistics, NBS, said the nation’s Gross Domestic Product (GDP) grew by 0.51 per cent in the first quarter of the year (Q1’21).

In its recently released GDP Report, the bureau said the growth in GDP represents the second consecutive quarter-on-quarter (QoQ) growth since Q3’20 where GDP stood at -3.62 percent.

The report stated: “Nigeria’s GDP grew by 0.51 percent (YoY) in real terms in the first quarter of 2021, marking two consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020.

”The Q1’21 growth rate was slower than the 1.87 percent growth rate recorded in Q1’20 but higher than 0.11 percent recorded in Q4’20, indicative of a slow but continuous recovery.

“Nevertheless, quarter on quarter, real GDP grew at -13.93 percent in Q1’21 compared to Q4’20, reflecting a generally slower pace of economic activities at the start of the year.

“In the quarter under review, aggregate…



Source: Vanguard Newspaper