Nigeria’s economy appears to have taken a hit in recent times as the country’s Gross Domestic Product fell by 6.10% in the second quarter.
In its GDP report for Q2 of 2020, the National Bureau of Statistics, today, said the decline was largely attributable to significantly lower levels of both domestic and international economic activity, which resulted from nationwide shutdown efforts aimed at containing the COVID-19 pandemic.
It said, “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.
“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.”
If the downward trend continues into Q3, the county may be forced to declare a recession.