Wednesday, December 27, 2017 /8:30AM / Proshare Research
Up-to-the-minute economic data reveals how the economy has fared in 2017. It is pertinent to say that the performance of the economy has been very impressive during the year as the economy exited recession in Q2 2017 after five consecutive quarters of contraction while inflation has also dropped consistently from 18.75% in January 2017 to 15.90% in November 2017, making it the tenth consecutive slowdown in headline inflation rate.
Nigeria’s GDP figure which was at -1.73% in Q4’16 and is now currently at 1.40% as at Q3’17. Also, latest unemployment rate figure from the NBS shows it moved from 14.2% in Q4’16 to 18.8% in Q3’17.
However, the country’s foreign reserves which was at US$25.84bn at the beginning of 2017 currently stands at US$37.35bn. The reserve recorded some improvements of latest to bring the figure to its current position.
Below is a table on Nigeria’ economic indicators in 2017