Recession: Agriculture Records Increase Despite Nigeria’s GDP Drop
Despite Nigeria’s Gross Domestic Product (GDP) decrease by 2.24 per cent, agriculture records 1.86 per cent increase in the third quarter of the 2016.
According to a report released by the National Bureau of Statistics (NBS), “real agricultural GDP growth in the third quarter of 2016 stood at 4.54 per cent (year-on-year), an increase of 1.07 per cent points from the corresponding period of 2015.”
The NBS expressed that agriculture contributed 28.65 per cent to overall GDP in real terms in the third quarter, growing by 1.86 per cent from 2015 records, and higher by 6.10 per cent from the second quarter of this year.
The report asserted that Nigeria’s GDP in real terms has reduced by 2.24 per cent in the third quarter, deeper than what was obtainable in the first and second quarters of 2016.
The Bureau stated that owing to massive revenue shortage, foreign exchange reduction and the unstable naira-dollar changes, the figure reduced by 0.18 per cent points from growth recorded in the preceding quarter and by 5.08 per cent points from growth recorded in the third quarter of 2015.
Other sectors which also recorded growth comprised textile and footwear, human health and social services, entertainment and recreation, public administration, financial institutions and oil which contributed 8.19 per cent of total real GDP.