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Effects of economic challenges, recession drag down GDP by 1.78% Q3, 2022

Prevailing economic challenges in the country, in addition to base effects of recession combined to nose dive Nigeria’s Gross Domestic Product (GDP) by 1 .78 per cent in third quarter 2022, the National Bureau of Statistics (NBS) confirmed on Thursday in its GDP quarterly report.

This represents a decrease from the 4.03% growth rate recorded in Q3 2021 and decreased by 1.29% points relative to 3.54% in Q2 2022.

However, quarter-on-quarter, real GDP grew at 9.68% in Q3 2022, reflecting a higher economic activity in Q3 2022 than the preceding quarter.  
On year on year basis the GDP grew by 25% in real terms in the third quarter of 2022.
“In the quarter under review, aggregate GDP stood at N52,255,809.62 million in nominal terms. This performance is higher when compared to the third quarter of 2021 which recorded aggregate GDP of N45,113,448.06 million, indicating a year-on-year nominal growth rate of 15.83%.
“The nominal GDP growth rate in Q3 2022 was higher relative to the 15.41% growth recorded in the third quarter of 2021 and higher compared to the 15.03% growth recorded in the preceding quarter,” NBS explained.

 

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