THE Presidency has said that the 2nd Quarter (Q2) 2020 Gross domestic product (GDP) estimates, which measures economic growth, published by the National Bureau of Statistics (NBS) published on Monday showed that the Nigerian economy performed better than expected. Consequently, the statement said, for the first half of 2020, real GDP declined by –2.18 per cent year-on-year, compared with 2.11 per cent recorded in the first half of 2019. It maintained that the overall decline of -6.1 per cent (for Q2 2020) and -2.18 per cent (for H1 2020) was better than the projected forecast of -7.24 per cent as estimated by the National Bureau of Statistics. The statement added: “The figure was also relatively far better than many other countries recorded during the same quarter. “Furthermore, despite the observed contraction in economic activity during the quarter, it outperformed projections by most domestic and international analysts.

Source: Nigerian Tribune August 27, 2020 05:48 UTC