Nigeria records first positive quarterly growth from the last three quarters, as Its Gross Domestic Product (GDP) grew by 0.11% (year-on-year) in the fourth quarter of 2020.
According to the report, it stated that, “Though weak, the positive growth reflects the gradual return of economic activities following the easing of restricted movements and limited local and international commercial activities in the preceding quarters.
“As a result, while the Q4 2020 growth rate was lower than growth rate recorded the previous year by –2.44% points, it was higher by 3.74% points compared to Q3 2020.
“On a quarter on quarter basis, real GDP growth was 9.68% indicating a second positive consecutive quarter on quarter real growth rate in 2020 after two negative quarters.
“Overall, in 2020, the annual growth of real GDP was estimated at –1.92%, a decline of –4.20% points when compared to the 2.27% recorded in 2019.”
However, in the fourth quarter of 2020, the report recorded an aggregate GDP that stood at N43,564,006.29 million in nominal terms. This performance is higher when compared to the fourth quarter of 2019 which recorded a GDP aggregate of N39,577,340.04 million, representing a year on year nominal growth rate of 10.07%.
This growth rate was lower relative to growth recorded in the fourth quarter of 2019 by –2.26% points but higher than the preceding quarter by 6.68% points with growth rates recorded at 12.34% and 3.39% respectively.
Recall that, TheNewsBeam reported that the recession came after the economy recorded -3.62 GDP growth rate in the third quarter of 2020 from -6.10 GDP in Q2 2020.
It also reported that the poor performance of some economic sectors led to this recurring economic recession.
“The Nigerian Gross Domestic Product (GDP) report for Q3 published by the National Bureau of Statistics shows that 13 economic sectors declined in Q3 2020, hence, made the economy to record a negative growth.” It stated.