The National Bureau of Statistics (NBS) has on Tuesday declared that Nigeria is officially out of recession after releasing statistics on the performance of the Nigerian economy in the second the second quarter of the year..
The figures released by the NBS showed that Nigeria’s Gross Domestic Product (GDP) grew by 0.55 percent compared to -0.91 percent recorded in the first quarter of the year and -1.49% in the second quarter of 2016.
NBS publishes Q2 2017 GDP. Nigeria out of recession: GDP grows 0.55% in Q2 2017 compared to -0.91% (revised)in Q1 2017 & -1.49% in Q2 2016 pic.twitter.com/OLr8ra4Akc
— Dr Yemi Kale (@sgyemikale) September 5, 2017
A recession occurs when the GDP diminishes for two consecutive quarters, the rate of unemployment rises and housing prices decline.
The NBS in August 2016 officially confirmed that Nigeria had gone into a recession following the release of statistics for the second quarter of 2016 which showed that the GDP declined by -2.06%.