Nigerian Gross Domestic Product Report Q3 2016
In the third quarter of 2016, the nation’s Gross Domestic Product (GDP) contracted by -2.24% (year-on-year) in real terms. This was lower by 0.18% points from growth recorded in the preceding quarter and also lower by 5.08% points from growth recorded in the corresponding quarter of 2015. Quarter on quarter (unadjusted for seasonality), real GDP increased by 8.99% During the quarter, aggregate GDP stood at N26,558,952.83 million (in nominal terms) at basic prices. Compared to the third quarter 2015 value of N24,313,636.94 million. Nominal GDP grew by 9.23%. This growth was higher relative to growth recorded in the third quarter of 2015 by 3.22% points.
Data source: National Bureau of Statistics