The country’s gross domestic product (GDP) has shrunk by 2.24 percent in the third quarter of this year, 2016. Nigeria GDP has not been so bad of recent years. Hence worsening the country’s chances of getting out of recession within the year.
The economy shrunk by 0.36 percent in the first quarter, and 2.06 percent in the second quarter of 2016.
According to the National Bureau of Statistics (NBS), the country’s GDP fell deeper than recorded in the first and second quarter of 2016.
For the country to get out of recession this year it must record growth of at least 4.32 percent in the last quarter of the year.
According to the Bureau, the oil sector contributed 8.19 percent of total real GDP, down from figures recorded in the corresponding period of 2015 and the preceding quarter of 2016 recorded at 10.27 percent and 8.26 percent respectively.
The non oil sector grew by 0.03 percent in real terms in the third quarter of 2016, reversing the last two quarters of negative growth recorded in first quarter and second quarter of 2016.
The sectors of the economy which recorded growth include crop production, fishing, metal ores, textile and foot wears, human health and social services, public administration, technical services, financial institution, arts, entertainment and recreation.