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Nigerian first quarter GDP down 0.5pc, fifth straight quarterly decline
NIGERIA's gross domestic product (GDP) slipped 0.5 per cent in the first three months of 2017 - dropping for a fifth straight quarter - as oil and agricultural markets contracted, Bloomberg reports.
Polled by Bloomberg, eight economists predictions averaged out at 0.3 per cent growth for the economy of Africa's most populous nation.
The International Monetary Fund (IMF) forecasts the economy will grow by 0.8 per cent this year and the World Bank predicts expansion of 1.2 per cent.
The oil price collapse of 2014 was aggravated by guerrillas from the Niger River delta who destroyed pipelines, causing petroleum production to fall to a near three-decade low as the sector shrank 11.6 per cent in the quarter.
Foreign-currency shortages fueled by falling oil exports caused inflation to accelerate every month for more than a year until January.
Agriculture slowed year on year, and that is bad news because it was the dependable sector for growth," said London-based Capital Economics analyst John Ashbourne.
Agriculture, which contributes 24 per cent of GDP expanded 3.4 per cent, the slowest expansion since the first three months of last year, said the Abuja-based National Bureau of Statistics.
The government said recovery will be driven by a rebound in output of oil, which accounts for two-thirds of its revenue, as well as increased state spending.
Polled by Bloomberg, eight economists predictions averaged out at 0.3 per cent growth for the economy of Africa's most populous nation.
The International Monetary Fund (IMF) forecasts the economy will grow by 0.8 per cent this year and the World Bank predicts expansion of 1.2 per cent.
The oil price collapse of 2014 was aggravated by guerrillas from the Niger River delta who destroyed pipelines, causing petroleum production to fall to a near three-decade low as the sector shrank 11.6 per cent in the quarter.
Foreign-currency shortages fueled by falling oil exports caused inflation to accelerate every month for more than a year until January.
Agriculture slowed year on year, and that is bad news because it was the dependable sector for growth," said London-based Capital Economics analyst John Ashbourne.
Agriculture, which contributes 24 per cent of GDP expanded 3.4 per cent, the slowest expansion since the first three months of last year, said the Abuja-based National Bureau of Statistics.
The government said recovery will be driven by a rebound in output of oil, which accounts for two-thirds of its revenue, as well as increased state spending.
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