Nigeria’s Q2 GDP Up by 5.01%
Nigeria’s Gross Domestic Product (GDP) grew to 5.01 per cent (year-on-year) in real terms in the second quarter of the year (Q2 2021), compared to 0.51 per cent in the preceding quarter.
This marks three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020, the NBS noted.
The statistical agency pointed out that the Q2 growth rate was also higher than the 0.51 per cent recorded in Q1 2021 year on year, indicating the return of business and economic activity near levels seen prior to the nationwide implementation of COVID-19 related restrictions.
According to the GDP estimated for Q2, released Thursday, the “steady recovery observed since the end of 2020, with the gradual return of commercial activity as well as local and international travel, accounted for the significant increase in growth performance relative to the second quarter of 2020 when nationwide restrictions took effect.”
\Year to date, real GDP grew 2.70 per cent in 2021 compared to -2.18 per cent for the first half of 2020, the NBS added.