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and is also considered in this report.In Q3 of 2023, the Gross Domestic Product grew in real terms by 2.54% year-on. year and recorded 3.46% in Q4 of 2023. This shows a sustained positive t. ajectory of the growth of the economy. This indicates a rise of 0.30% points from the figure recorded in Q3 of 2022 which was 2.25% and 0.05% points fall.
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.
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.
In the second quarter of 2023, Nigeria's Gross Domestic Product stood at 52.1 trillion Nigerian naira (NGN), around 66.84 billion U.S. ... Q1 2019 to Q2 2023. ... Compare accounts
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 ...
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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 ...
