Nigeria Records GDP Growth of 1.87% in Q1’2020 lower than 2.10% in Q1’2019
Dear Client/Reader,
The National Bureau of Statistics just released the first quarter 2020 GDP report.
According to the report, the nation’s Gross Domestic Product (GDP) grew by 1.87% (year-on-year) in real terms.
This growth in Q1’2020 is 0.23% points lower than the rate recorded in the corresponding quarter of 2019 (2.10%) and 68 basis points lower than the rate recorded in Q4’2019 (2.55%). In the quarter under review, aggregate GDP stood at N35.65 trillion in nominal terms. This represents 12.01% year on year increase in nominal GDP when compared to the corresponding quarter of 2019 (N31.82 trillion). The nominal GDP growth rate in Q1’2020 was higher than the rate recorded in Q1’2019 by 0.11%.