The Nigerian economy officially plunges into recession as the country’s GDP in real terms declined by -3.62% in Q3 2020, the second contraction in 2020, according to report monitored on Nairametrics.
Nigeria’s Gross Domestic Product (GDP) in real terms declined by -3.62% (year-on-year) in Q3 2020, thereby marking a full-blown recession and second consecutive contraction from -6.10% recorded in the previous quarter (Q2 2020).
This is according to the third quarter (Q3) GDP report, released by the National Bureau of Statistics (NBS) on Saturday.
Key Highlights
According to the numbers contained in the report, oil GDP contracted by -13.89% from -6.63% in Q2 2020 and 6.49%% in Q3 2019.
The country’s non-Oil GDP contracted -2.51% from -6.05% in Q2 202 and 1.85% in Q3 2019
Information &Communication under Services GDP grew 14.56% compared to 16.52% in Q2 2020 & 9.88% in Q3 2019.
Services real GDP contracted by -5.49% compared to -6.78% in Q2 2020 & 1.87% in Q3 2019.
Construction under Industry real GDP grew by -2.84% compared to -31.77% in Q2 2020 & 2.37% in Q3 2019.
Industry real GDP contracted by -6.12% compared to -12.05% in Q2 2020 & 3.21% in Q3 2019
Telecoms real GDP grew by 17.36% compared to 18.1% in Q2 2020 & 11.3% in Q3 2019.
Agricultural sector grew by 1.39% compared to 1.58% in Q2 2020 & 2.28% in Q3 2019.
Details soon