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PRESS STATEMENT: ECONOMY OUT OF RECESSION (NBS)

Our attention has been drawn to publications across various media outlets which erroneously suggested the Statistician General of the Federation/CEO of the National Bureau of Statistics stated that the economy was still in recession in an interview on Arise Television.

We want to emphasize and state categorically that the economy is out of recession and at no time did NBS or its CEO state otherwise as has been reported.

You will recall that the it was the same National Bureau of Statistics (NBS) that announced the end of recession in Q2 2017 following the announcement of the first positive growth in the nation’s Gross Domestic Product (GDP) following 5 quarters of contraction. Economic growth as measured by GDP has remained positive ever since. (0.72% in Q2 2017, 1.17% in Q3 2017, 2.11% in Q4 2017, 1.95% in Q1 2018)

The NBS has stated several times that the stages after an economic recession is an economic recovery where the economy moves gradually following the end of a recession towards sustainable strong growth. This is the stage of recovery that we are now and was alluded to by the Statistician General during his interview.

That the economy is in the second stage of recovery, heading towards sustainable growth, which is the last stage cannot and should not be wrongly interpreted as the economy is still in a recession.

We appreciate if such misinformation is corrected.

 

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