Macroeconomic Report & Economic Updates
October 17, 2016
Nigeria Economic Update (Issue 43)
The IMF World Economic Outlook report, indicates a downward revision for Nigerias 2017 economic growth. Specifically, growth has been projected to expand by 0.6 percent relative to the 1.1 percent earlier projected. The decrease is attributable to sharp growth slowdown experienced in Nigeria, occasioned by prevailing constraining factors (crude oil production disruptions, Forex and power shortages, and weak investor confidence). The outlook, which does not seem optimistic, reveals Nigerias further vulnerability to potential external and internal risks/shocks.
Related
Nigeria Economic Review
The
global economy grew by 2.7 percent in the fourth quarter of 2016 (2016Q4)
relative to 2.5 percent in 2016Q3, due to rising investment and consumption
demands in developed and emerging economies as well as a rise in commodity
prices. However, over the entire year, global GDP growth stood at 2.6 percent in
2016, relative to the growth of 3.09 percent recorded in 2015. Notably, output grew
progressively in the US over the year, while the steady growth recorded in the
UK since the start of the year stalled in 2016Q4. Also, the declining growth
recorded in France since 2015 took a positive turn in 2016Q4, the rest of the
Eurozone witnessed a fall in output in the quarter. While emerging economies
recorded mixed experiences, many Sub-Saharan African countries showed signs of
recovery in the period.