Nigeria's GDP for Q1 Fails to Surpass Last Year Q1 Economy Growth
- Nigerian Bureau of Statistics report economy growth for Q1 2021, surpassing analysts projection
- This year's Q1 growth, however, was below the Q1 2020 gross domestic product reported by NBS
- The GDP recorded growth in first quarter of 2021 amid declining oil revenue in the same period
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Nigeria's economy grew by 0.51% in the first quarter of this year, surpassing projection of Financial Derivatives Company. Although the growth was lower than the corresponding period.
In Q1 last year, the country's real gross domestic product had risen by 1.87%, while the fourth quarter growth of last year was 0.11%. The Q1 2021 growth occurred despite contraction in Oil GDP.
According to data released by the Nigerian Bureau of Statistics (NBS), revenue from oil declined by -2.21% in the first quarter of this year, against the 5.06% increase that was reported in Q1 2020.
Source: Getty Images
The Non-Oil economy failed to surpass the 1.55% that was reported last year first quarter, after growing by 0.79% between January to March of this year, NBS data released today showed.
Meanwhile, Legit.ng had previously reported that research company, Financial Derivatives Company stated that Nigeria's economy will contract this year's first quarter.
The firm's analysts said the country's gross domestic product will contract by -0.5% in the first three months of 2021. Financial Derivatives had also faulted the inflation report released by NBS.
The inflation report didn't reflect reality of Nigerians, as NBS had said inflation rate dropped in the first quarter of this year, when prices of foods increased during the same period.
Source: Legit.ng
