Nigerian Gross Domestic Product Report (Expenditure and Income Approach) (Full Year 2020 & Q1 - Q2 2021)

Nigerian Gross Domestic  Product Report (Expenditure  and Income Approach) 

In the first quarter of 2021, Real GDP at basic prices grew by 0.51% on a year on year basis showing a steady improvement in the economy following 2020 Q4 GDP rate of 0.11%. Growth however, improved further in second quarter 2021 with positive GDP growth rate of 5.01%. The negative quarterly growths in Q2 and Q3 2020 resulted in a recession, this also led to a negative Compared to the first and second quarters of 2020, the performance in 2021 indicated a decrease annual growth rate of -1.92% for 2020, compared to 2.27% in 2019 on a year on year basis. of -1.36% points and 11.12% points higher, respectively.

Data source: National Bureau of Statistics