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Overview. Gross Domestic Product (GDP) grew by 2.31% (year-on-year) in real terms in the first quarter of 2023. This growth rate declined from 3.11% recorded in the first quarter of 2022, and 3.52% in the fourth quarter of 2022. The reduction in growth is attributed to the adverse effects of the cash crunch experienced during the quarter. The ...
Global growth settled at an estimated 2.6% in 2023, according to the World Bank, as Central Banks in developed economies approached the end of their monetary tightening streak aimed at reining inflation to their 2% target. On the global horizon, we anticipate a moderate growth, lower inflation, and interest rate cuts after initial pause to ...
•The marginal growth in GDP by 2.5% in Q2 2023 from 2.3% in Q1 2023 was caused by the lingering effect of the cash crunch. PwC projects 2.8% growth rate for Nigeria in 2023 and 3% in 2024. This marginal growth projection may be due to the emerging effects of the implementation domestic
June 2023 8.3% Previous Oil Production 1.3mbpd 1.2mbpd Period M -o M% July 27 2023 3.8% Previous FX Reserves $35.6bn $34.3bn Period M -o M% July 27 2023 8.9% Previous Market Capitalisation ₦35.6tn ₦32.7tn July 2023 1.8% Previous Inflation 22.8% 22.4 % NB: The cut off date is as of July 27, 2023 ₦ $ Source: NBS, CBN, NGX, PwC Analysis ...
Aug 15, 2024 · QRP-1-2023. CBN Economic Report for First Quarter 2023 Published 3/31/2023. 1395714. QRP-4-2022. CBN Economic Report for Fourth Quarter 2022 Published 12/31/2022. 2509876. QRP-3-2021. Third Quarter 2021 CBN Economic Report Published 12/1/2022. 988608.
Nigeria Economic Outlook. Recent macroeconomic and financial developments. economic growth in Nigeria slowed from 3.3% in 2022 to 2.9% in 2023 due to high inflation and sluggish growth in the global economy, which declined from 3.5% in 2022 to 3.2% in 2023. Growth was driven by services and agriculture on the supply side and by consumption and ...
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Jun 8, 2023 · KPMG Analysis: GDP Growth Rate by 2026. This week we highlight the reported decision of the World Bank to retain its 2023 GDP growth forecast for Nigeria at 2.80% from 3.3% recorded in 2022. The World Bank’s 2023 forecast is in line with KPMG’s revised forecast of 2.85% (from 3.0% earlier stated), following the release of Nigeria’s Q1 ...
