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LequteMan
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Nigeria - The Gross Domestic Product of Africa's largest economy has declined from 5.94 percent at the end of the fourth quarter of last year to 3.86 per cent in the first quarter of 2015, The National Bureau of Statistics revealed Wednesday night.
"In the opening quarter of 2015, Gross Domestic Product grew by 3.86 per cent in real terms year-on-year. This was lower by 2.25 per cent points from the preceding quarter and by 1.98 per cent points from the corresponding quarter of 2014. Quarter-on-quarter, real GDP was lower by 11.57 per cent," NBS' report says according to PUNCH.
“Depressed global oil prices, as well as challenges in supply in Nigeria prevailed over the period of review. Oil production stood at 2.18 million barrels per day in Q1 of 2015, remaining at the same level as it had done in the preceding quarter.”
The report stated that in nominal terms, the aggregate GDP stood at N21.04tn at basic prices in the first quarter. Compared with the opening quarter of 2014’s value of N20.16tn, indicating 4.32 per cent higher, whereas relative to the preceding quarter’s value of N24.205tn, the nominal growth was lower by 13 per cent.
The NBS also on Wednesday night released the Consumer Price Index for the month of April, with the country’s inflation rate rising to a 22-month high of 8.7 per cent.
#Nigeria #GDP
"In the opening quarter of 2015, Gross Domestic Product grew by 3.86 per cent in real terms year-on-year. This was lower by 2.25 per cent points from the preceding quarter and by 1.98 per cent points from the corresponding quarter of 2014. Quarter-on-quarter, real GDP was lower by 11.57 per cent," NBS' report says according to PUNCH.
“Depressed global oil prices, as well as challenges in supply in Nigeria prevailed over the period of review. Oil production stood at 2.18 million barrels per day in Q1 of 2015, remaining at the same level as it had done in the preceding quarter.”
The report stated that in nominal terms, the aggregate GDP stood at N21.04tn at basic prices in the first quarter. Compared with the opening quarter of 2014’s value of N20.16tn, indicating 4.32 per cent higher, whereas relative to the preceding quarter’s value of N24.205tn, the nominal growth was lower by 13 per cent.
The NBS also on Wednesday night released the Consumer Price Index for the month of April, with the country’s inflation rate rising to a 22-month high of 8.7 per cent.
#Nigeria #GDP
