Home News Nigeria’s GDP contracts by-6.10% 2020

Nigeria’s GDP contracts by-6.10% 2020

by Kunle Awosiyan

Nigeria Gross Domestic Product (GDP) has witnessed a sharp contraction of minus six point one zero percent in the second quarter of 2020.

This marks the first time the economy is contracting since 2017, meaning the economy is now one quarter away from recession.

This was revealed in the National Bureau of Statistics (NBS) GDP report published on Monday, August 24, 2020.

This performance is a steep drop compared to the one point eight seven percent performance in the first quarter of 2020 and two point one two percent in second quarter of 2019.

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