By Onyewuchi Ojinnaka
The National Bureau of Statistics (NBS), has revealed that the economy of Nigeria diminished in the second quarter of 2020 as its Gross Domestic Product (GDP) fell by 6.10 per cent.
The NBS made the disclosure on Monday in its GDP report for 2nd quarter of 2020.
It explained that the decrease was largely due to significantly lower levels of both domestic and international economic activities, consequent upon the nationwide lockdown efforts aimed at containing the COVID-19 pandemic.
According to the NBS, “Gross Domestic Product decreased by –6.10 per cent (year-on-year) in real terms in the second quarter of 2020, ending the three-year trend of low but positive real growth rates recorded since the 2016/17 recession.
“When compared with Q2, 2019, which recorded a growth of 2.12 per cent, the Q2 2020 growth rate indicated a drop of 8.22 per cent, and a fall of 7.97 per cent when 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.”
