Nigerian Gross Domestic Product Report (Q4 & Full Year 2017 )
The nation’s Gross Domestic Product (GDP) grew in Q4 2017 by 1.92% (year-on-year) in real terms, maintaining its positive growth since the emergence of the economy from recession in Q2 2017. This growth is compared to a contraction of –1.73% recorded in Q4 2016 and a growth of 1.40% recorded in Q 2017.
Quarter on quarter, real GDP growth was 4.29%.
The year 2017 recorded a real annual growth rate of 0.83% higher by 2.42% than –1.58% recorded in 2016.
In the quarter under review, aggregate GDP stood at N31,209,137.74million in nominal terms higher when compared to N29,169,058.99 million in Q4 2016, resulting in a Nominal GDP growth of 6.99%. This growth is lower relative to growth recorded in Q4 2016 at 12.49%. Nominally, 2017 recorded an annual growth rate of 12.05% higher by 4.25% compared to 2016 annual growth of 7.80%. The broad classification into the oil and non-oil sectors will give a clearer depiction of the Nigerian economy
Data source: National Bureau of Statistics