Nigeria’s Economy Surpasses IMF’s Projection, Grows By 2.27%.
Nigeria’s economy surpasses IMF’s projection, grows by 2.27%.
The report surpassed the International Monetary Fund (IMF) projection of 2.1%.
According to NBS, the overall GDP in 2019 indicated a real growth of 2.27%, compared to 1.91% in 2018 while the real GDP grew by 5.59% quarter on quarter.
“Nigeria’s Gross Domestic Product (GDP) grew by 2.55%(year-on-year) in real terms in the fourth quarter of 2019. Compared to the fourth quarter of 2018 which recorded a growth rate of 2.38%, this represents an increase of 0.17% points and an increase of 0.27% points when compared with the third quarter of 2019.”
The report indicated that the growth represents the highest since the 2016 recession.
“In Q4 2019, aggregate GDP stood at N39,577,340.04 million in nominal terms. This was higher than the fourth quarter of 2018 which recorded an aggregate of N35,230,607.63 million, representing year on year nominal growth rate of 12.34%.”