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Nigeria’s economic system grew at a sooner tempo within the second quarter of this yr, in comparison with the earlier quarter, official information launched on Friday present.
Africa’s greatest economic system noticed its Gross Home Product (GDP) develop by 2.51 p.c (year-on-year) in actual phrases in Q2 2023, from 2.31 p.c in Q1 2023 and three.54 p.c in the identical interval final yr, in keeping with the Nationwide Bureau of Statistics (NBS).
“This progress charge is decrease than the three.54 p.c recorded within the second quarter of 2022 and could also be attributed to the difficult financial circumstances being skilled,” it mentioned.
Learn additionally: Nigeria eyes 15% tax-to-GDP ratio
It mentioned the efficiency of the GDP within the second quarter of 2023 was pushed primarily by the Providers sector, which recorded a progress of 4.42 p.c and contributed 58.42 p.c to the mixture GDP.
The agriculture sector grew by 1.50 p.c, an enchancment from the expansion of 1.20 p.c recorded within the second quarter of 2022. The expansion of the business sector was -1.94 p.c relative to -2.30% recorded within the second quarter of 2022.
When it comes to share to the GDP, agriculture, and the business sectors contributed much less to the mixture GDP within the second quarter of 2023 in comparison with the second quarter of 2022.
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