BREAKING: Nigeria’s economy crumbles as GDP slumps to 2.51%

Nigeria’s Gross Domestic Product, GDP, decreased in real terms during the second quarter of 2023, falling to 2.51 percent (year over year). In comparison to the current quarter, the second quarter of 2022’s 2.9% growth rate was lower.

According to the Gross Domestic Product data from the NBS issued on Friday, the difficult economic conditions being experienced may be to blame for the growth decline.

The second quarter of 2023’s GDP was predominantly driven by the Services sector, which expanded by 4.42% and made up 58.42% of the overall GDP. The agriculture industry increased by 1.50% in compared to the growth of 1.20 percent reported in the second quarter of 2022.

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The industry sector’s growth rate was -1.94 percent as opposed to the -2.30 percent recorded in the second quarter of 2022. Comparatively to the second quarter of 2022, the manufacturing and agricultural sectors contributed less to the overall GDP.

The quarter under review’s nominal GDP totaled N52.1 trillion.

This outcome is superior to the second quarter of 2022, when the nominal annual growth rate of the GDP was 15.77% and the total GDP was N45 trillion.

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