For the first time in more than three years , the nation ’ s economy shrank in the second quarter of this year as the Gross Domestic Product fell by 6 . 10 per cent .
The National Bureau of Statistics , in its GDP report for Q2 2020 , said on Monday that the decline was largely attributable to significantly lower levels of both domestic and international economic activity , which resulted from nationwide shutdown efforts aimed at containing the COVID - 19 pandemic .
“ Gross Domestic Product decreased by –6 . 10 per cent ( year - on - year ) in real terms in the second quarter of 2020 , ending the three - year trend of low but positive real growth rates recorded since the 2016 /17 recession , ” the NBS said .
It said when compared with Q2 2019 , which recorded a growth of 2 . 12 per cent , the Q2 2020 growth rate indicated a drop of 8 . 22 per cent , and a fall of 7 . 97 per cent when compared to the first quarter of 2020 ( 1 . 87 per cent ) .
“ Consequently , for the first half of 2020 , real GDP declined by – 2 . 18 per cent year on year , compared with 2 . 11 per cent recorded in the first half of 2019 . Quarter on quarter , real GDP decreased by – 5 . 04 per cent . Furthermore , only 13 activities recorded positive real growth compared to 30 in the preceding quarter , ” it added .
The Nigerian economy , which emerged from its first recession in 25 years in the second quarter of 2017 when it posted a 0 . 7 per cent growth , had continued its slow recovery since then .
With another negative growth rate likely in Q3 2020 , the economy will slide into its second recession in four years .
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