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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 and the emerging effect of domestic reforms (subsidy removal and FX liberalisation) • GDP is expected to grow marginally in Q3 2023 due to slowdown of economic activities occasioned by prevailing macroeconomic headwinds.
On a quarterly basis, the GDP jumped by 12% in Q4. Considering the entire year of 2023, Nigeria's economic growth reached 2.74%, compared to 3.10% a year earlier. President Tinubu’s administration is targeting a growth rate of about 3.8% in 2024 and 6% or more in the coming years. 2024-02-22. The Gross Domestic Product (GDP) in Nigeria ...
Gross Domestic Product (GDP) grew by 2.54% (year-on-year) in real terms in the third quarter of 2023. This growth rate is higher than the 2.25% recorded in the third quarter of 2022 and higher than the second quarter 2023 growth of 2.51%. The performance of the GDP in the third quarter of 2023 was driven mainly by the Services sector, which ...
nflationGDP Growth• Nigeria’s GDP growth is expected to be lower than 3% in 2023. The lower growth projection is driven by weak oil produc. ion volumes, high inflation which has weakened consumer demand and the FX depreciation. Already as at Q2, financial books of large corporates in t.
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 ...
Jun 27, 2023 · In the first part of 2023, Nigeria’s economic growth weakened, and real gross domestic product (GDP) growth fell from 3.3% in 2022 to 2.4% year-on-year (y-o-y) in Q1 2023. The challenging global economic context has put pressure on Nigeria’s economy. However, domestic policies play the major role in determining Nigeria’s economic ...
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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