Economy Out of Recession - NBS


Monday, August 20, 2018 /05.30 PM /NBS

Our attention has been drawn to publications across various media outlets which erroneously suggested the Statistician General of the Federation/CEO of the National Bureau of Statistics stated that the economy was still in recession in an interview on Arise Television.

We want to emphasize and state categorically that the economy is out of recession and at no time did NBS or its CEO state otherwise as has been reported.

You will recall that the it was the same National Bureau of Statistics (NBS) that announced the end of recession in Q2 2017 following the announcement of the first positive growth in the nation’s Gross Domestic Product (GDP) following 5 quarters of contraction. Economic growth as measured by GDP has remained positive ever since. (0.72% in Q2 2017, 1.17% in Q3 2017, 2.11% in Q4 2017, 1.95% in Q12018)

The NBS has stated several times that the stages after an economic recession is an economic recovery where the economy moves gradually following the end of a recession towards sustainable strong growth. This is the stage of recovery that we are now and was alluded to by the Statistician General during his interview.

That the economy is in the second stage of recovery, heading towards sustainable growth, which is the last stage cannot and should not be wrongly interpreted as the economy is still in a recession.

We appreciate if such misinformation is corrected.


Proshare Nigeria Pvt. Ltd.

Related News

1.       Nigerian Economy Emerges from Recession; GDP Grows by 0.55% in Q2’17 from -0.91% in Q1’17

2.      Weekly Economic and Financial Commentary – WE 17th August, 2018

3.      NESG, Sunray Ventures Engage Stakeholders on Advancing a Sustainable Circular Economy in Nigeria

4.      The FMCG Sector - Contraction in Inventory Levels as Consumer Demand Falls

5.      Driving Effective Fiscal Spending In Nigeria as A Part Of Fiscal Consolidation

6.      Nigeria’s July, 2018 Inflation: 5 Things to Note

7.      Headline Inflation Slips to 11.14% in July 2018

8.     Inflation Declines in July, But Upside Risk Abounds

9.      Headline Inflation Drops to 11.14% in July 2018; 0.09% Lower Than June 2018 Rate

10.  FAAC Disburses N821.86bn in July 2018 – NBS

11.   FAAC Disburses N668.90bn in June 2018 – NBS

12.  Weekly Economic and Financial Commentary – WE 10th August, 2018

13.  Informal Economy and Poverty Reduction in Nigeria

14.  Single Digit Inflation Rate Now Unlikely - FSDH

15.   Weekly Economic and Financial Commentary – WE 03rd August, 2018

16.  Inflation Rate to Drop Marginally to 11.01% in July 2018

17.   Watching From The Political Balcony - LBS Executive Breakfast Session – Aug 2018

18.  Manufacturing PMI Stands at 56.8% in July 2018 from 57.0% in June 2018

19.  GDP By Income and Expenditure Approach 2017 - Household Final Consumption Fell by -0.99% in 2017

Related News