Nigerian Economy grew by 2.55% in 2019 –NBS

The National Bureau of Statistics (NBS) said in statistics released on Monday morning that the Nigerian economy expanded by 2.55 per cent at the end of last year, compared to 2018.

When set beside the growth rate of 2018, which stood at 2.38 per cent, the 2019 figure recorded an increase of 0.17 per cent year on year.

The 2019 Gross Domestic Product (GDP) growth rate of 2.55 per cent translated to a 0.27 per cent increase over the third quarter GDP of the year under review.

“The strong fourth quarter 2019 growth rate also represented the highest quarterly growth performance since the 2016 recession.

“Overall, this resulted in annual 2019 real growth rate of 2.27 per cent, compared to 1.91 per cent in 2018. Quarter on quarter, real GDP growth was 5.59 per cent,” the NBS stated.