Macroeconomic Report & Economic Updates
September 13, 2017
Nigeria Economic Update (Issue 35)
Nigeria’s Real Gross Domestic Product (GDP) increased at an annual rate of 0.55 percent in 2017Q21, compared to the -0.91 percent (revised) in 2017Q1 indicating the first quarterly positive growth rate since 2016Q1 and an evidenced exit from five quarters of economic recession. The acceleration in real GDP in 2017Q2 reflects the significant increase in oil sector GDP from -11.64 percent in 2017Q1, to 1.64 percent in 2017Q2 a 13.3 percentage points Quarter-on-Quarter increase. However, Non-oil GDP moderated by 0.3 percentage points to 0.45 percent. Despite the recent favorable economic performance, growth prospect remains fragile.
Related
Export Commodity Prices And Long-Run Growth Of Primary Commodities-Based African Economies
There
is a link between primary commodity export prices and economic performance.
Many African economies are primary commodities export biased, often in few
primary commodities. Previous studies focus on the impact of commodity prices
on growth in Africa with little attention paid to different primary commodities
and level of diversification in primary commodities export. This study,
investigates the effect of primary commodity prices on the long-run growth of 24
primary commodities-based African economies; by commodity types and level of
diversification in primary commodities exports.