“The second variable is high inflation, which is almost 13 percent.“The third variable is high unemployment; even though the unemployment numbers are at 28 percent, we think that it is much more than that. Eyewitness?

The tools that we have at our disposal are inadequate. [Twitter/@iamkennethcole]

GDP Growth Rate in 2017 was 0.81%, representing a change of 3,681,091,900 US$ over 2016, when Real GDP was $456,775,408,619. Nigeria’s GDP decreases by –6.10% in Q2 2020 — NBS. And we are going to have to take some measures.”Mr Rewane added that the country was now faced with a quadrilemma, a situation in which a choice must be made between four undesirable options.“The first variable we are looking at is recession, negative growth,” he said. The report said that the decrease in GDP ended the three-year trend of low but positive real growth rates recorded since the 2016 and 2017 recession.The decline was largely attributed to significantly lower levels of both domestic and international economic activities during the quarter, which resulted from nationwide shutdown efforts aimed at containing the COVID-19 pandemic.The domestic efforts ranged from initial restrictions of human and vehicular movement implemented in only a few states to a nationwide curfew, bans on domestic and international travel, closure of schools and markets, among others.These efforts, according to NBS, affected both local and international trade.The efforts, led by both the Federal and State governments, evolved over the course of the quarter and persisted throughout.When compared with the second quarter of 2019, which recorded a growth of 2.12 per cent, the second quarter of 2020 growth rate indicated a drop of –8.22 per cent points.The rate also showed a fall of –7.97 per cent points compared to the first quarter of 2020 (1.87 per cent).Consequently, for the first half of 2020, real GDP declined by –2.18 per cent year on year, compared with 2.11 per cent recorded in the first half of 2019.Quarter on quarter, real GDP decreased by –5.04 per cent.Furthermore, only 13 activities recorded positive real growth compared to 30 in the preceding quarter.In the quarter under review, aggregate GDP stood at N34,023 million in nominal terms, or -2.8 per cent lower than the second quarter of 2019 which recorded an aggregate of N35,001,877.95 million.Overall, the nominal growth rate was –16.81 per cent points lower than recorded in the second quarter of 2019, and –14.81 per cent points lower than recorded in the first quarter of 2020.According to the report, the Nigerian economy has been classified broadly into the oil and non-oil sectors.An average daily oil production of 1.81 million barrels per day (mbpd) was recorded in the second quarter of 2020.This was -0.21mbpd lower than the daily average production of 2.02mbpd recorded in the same quarter of 2019, and –0.26mbpd lower than the first quarter of 2020 production volume of 2.07mbpd.Real growth of the oil sector was –6.63 per cent (year-on-year) in the second quarter of 2020 indicating a decrease of –13.80 per cent points relative to the rate recorded in the corresponding quarter of 2019.Growth decreased by –11.69 per cent points when compared to the first quarter of 2020 which recorded 5.06 per cent.Quarter-on-Quarter, the oil sector recorded a growth rate of –10.82 per cent in the second quarter of 2020.The oil sector contributed 8.93 per cent to total real GDP in the second quarter of 2020, down from figures recorded in the corresponding period of 2019 and the preceding quarter, where it contributed 8.98 per cent and 9.50 per cent respectively.Furthermore, the non-oil sector declined by –6.05 per cent in real terms in the second quarter of 2020 which was the first decline in real non-oil GDP growth rate since the third quarter of 2017.The recorded growth rate was –7.70 per cent points lower compared to the rate recorded during the same quarter of 2019, and –7.60 per cent points compared to the first quarter of 2020.Nevertheless, non-oil sector output was driven by financial and insurance (financial institutions), information and communication (telecommunications), agriculture (crop production), and public administration which moderated the economy-wide decline.On the other hand, sectors which experienced the highest negative growth included transport and storage, accommodation and food services, construction, education, real estate and trade, among others.In real terms, the non-oil sector accounted for 91.07 per cent of aggregate GDP in the second quarter of 2020.The figure is slightly higher than the share recorded in the second quarter of 2019 which was 91.02 per cent and also the first quarter of 2020 which was 90.50 per cent.

And finally, we have weaknesses in currency.“So we are having external weaknesses and vulnerabilities, slow growth, high unemployment, and, more than anything else, contraction in economic activity.“Now we are going to move away from the monetary policy complement that we have, stimulate the economy with greater catalyst, and do some things differently.”Copyright © 2020 Channels Incorporated Limited.

Gross Domestic Product of Nigeria grew 5.5% in 2000 compared to last year. The NBS stated:” Nigeria’s GDP decreased by –6.10 per cent YoY in real terms in the, ending the 3-year trend of low but positive real growth rates recorded since the 2016/17 recession.

GDP per Capita in Nigeria (with a population of 190,873,244 people) was $2,412 in 2017, a decrease of $44 from $2,456 in 2016; this represents a change of-1.8% in GDP …

Author: The stimulus that is required to take us out of this equation is going to be much more than we expected.

Mad Dog Morgan Family Tree, Jaemin Age, Den Brother, Unpaid Speeding Ticket Netherlands, Crayola Coloring Pages, I Feel Like A Burden In Spanish, Orica Bike Exchange, Sarra Kemp, Taylor Momsen Wiki, Darius Rucker - Wagon Wheel Chords, Civil Service Verbal Test (csvt), Golden Ring Album, Caitlyn Taylor Love, The Girl With The Dragon Tattoo Movies In Order, Ryan Ross Twitter, Winter Emotions, Rwanda Empire, Burden Sentence, Types Of Photography Techniques, Birth Month Meanings And Symbols, All Souls Trilogy Kindle, Unpaid Speeding Ticket Netherlands, Blue Eyed Butcher Where Is She Now, Share The Land, Trisha's Southern Kitchen Today's Episode, Weather In Germany In April 2020, Tracy Porter Clothing, Crystal Dynamics Twitter, Chess Cool Math Games, Pretty Girls, Trevor Rees-jones, Sqm Stock, Connor And Karolina Succession, How Do You Say July In French, Shaun The Sheep, Princess Beatrice Wedding Photos, Glass Door New Breed, Chubb Travel Insurance Reviews, Spain Flag History, Trevor Rees-jones House, Mondo Vino Movie, Shannon Duffy, Ash R6, Catch N Cook Crayfish Nick Fry, LEGO 70917 THE LEGO BATMAN MOVIE The Ultimate Batmobile(66)Number Of Pieces1,456 PiecesMinimum Age10 Years, Eyes Of The Gorgon, Month Names Meaning, String System, Kitty Wells Death, Tsys Noida Interview Questions, King In Twi, Calvin Ridley Highlights Alabama, Sometimes When We Touch Chords, Bryan Lee O'malley Art, Malta Flag, Uganda Lifestyle, Marcus Rashford Car, Introduction To Business Exam Questions And Answers Pdf, Citizenship Application Login, Secret Quotes, Lytrell Bundy Age, April 2020 Calendar Printable, South Sudan Population Growth Rate, Translate English To Hausa, Porto In August, Trevor Bauer Agent Rachel Luba, Spanish Moon,