…GDP contracts by 1.92%
Nigeria’s Gross Domestic Product (GDP) grew by 0.11% (year-on-year) in real terms in the fourth quarter of 2020, representing the first positive quarterly growth in the last three quarters.
This is contained in the Nigerian Gross Domestic Product report, published yesterday by the National Bureau of Statistics (NBS).
The growth was driven largely by positive growth recorded in the information and communication sector (15.9%) and agriculture (3.42%).
The NBS further said that the country’s Gross Domestic Product (GDP) contracted by 1.92% in real terms in 2020, from N71.39 trillion recorded in 2019 to N70.01 trillion.
However, it stated that the economy posted real GDP growth of 0.11% in the fourth quarter of the year, suggesting that the economy is exiting the Covid-induced recession.