Nigeria’s Gross Domestic Product has decreased by 6.10% (year-on-year) in real terms in the second quarter of 2020.
This is according to the second quarter (Q2) GDP report, released by the National Bureau of Statistics (NBS) on Monday.
According to the numbers contained in the GDP report, the performance recorded in Q1 2020 represents a drop of 8.22% points compared to Q2 2019 (2.12%) and 7.97% points decline compared to Q1 2020 (1.87%), reflecting the impact of disruption caused by COVID-19 pandemic and crash in oil price on the Nigerian economy
Also, the latest GDP number shows that Nigeria’s oil sector recorded –6.63% (year-on-year) in Q2 2020 indicating a decrease of –13.80% points relative to the rate recorded in the corresponding quarter of 2019.
Similarly, the on-oil sector declined by –6.05% in real terms during the reference quarter (Q2 2020). This was the first decline in real non-oil GDP growth rate since Q3 2017.
The contraction recorded in the non-oil sector was –7.70% points lower compared to the rate recorded during the same quarter of 2019, and –7.60% points compared to the first quarter of 2020.
According to the Bureau, the decline was largely attributable to significantly lower levels of both domestic and international economic activity during the quarter, which resulted from nationwide shutdown efforts aimed at containing the COVID-19 pandemic.
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