Nigeria’s Gross Domestic Product, GDP, fell quarter-on-quarter (QoQ) by 1.78 percentage points to 2.25 per cent in the third quarter of 2022 (Q3’22) from 3.54 per cent recorded in Q2’22.
NBS said: “The reduction in growth is attributable to the base effects of the recession and the challenging economic conditions that have impeded productive activities. The Q3’22 growth rate decreased by 1.78 per cent points from the 4.03 per cent growth rate recorded in Q3’21 and decreased by 1.29 per cent points relative to 3.54 per cent in Q2’22.
However, QoQ, real GDP grew at 9.68 per cent in Q3’22, reflecting a higher economic activity in Q3’22 than the preceding quarter.
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