By Oluwashina Iyanda
Nigeria‘s Gross Domestic Product (GDP) dropped by 1.78 per cent in the third quarter of 2022 from its level in the corresponding period in 2021.
The GDP grew by 2.25 per cent in real terms in the third quarter of 2022 against the 4.03 growth rate recorded in the third quarter of 2021.
The Nigerian Bureau of Statistics (NBS) published the statistics on its website on Friday.
It attributed the decline to the base effects of the recession and the challenging conditions that impeded productive activities.
The GDP growth in the third quarter of 2022 also declined by 1.29 per cent from the 3.54 per cent growth rate recorded in the second quarter of 2022.
The NBS, however, reported that quarter-on-quarter, real GDP grew at 9.68 per cent in the third quarter of 2022.
This is reflecting a higher economic activity in the third quarter.
“In the quarter under review, aggregate GDP stood at N52,225,809.62 in nominal terms, higher than the N45,115,448 recorded in Q3 2022.
“And it indicates a year-on-year nominal growth rate of 15.83 per cent.
The nominal GDP growth rate in Q3 2022 was higher relative to the 15.41 per cent growth recorded in Q3 quarter 2021 and higher compared to the 15.03, per cent recorded in the preceding quarter,” the NBS reported.
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