Thursday 17th August, 2017
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Economy may have grown in second quarter - NBS

Economy may have grown in second quarter - NBS

The Statistician-General, Yemi Kale has hinted that the economy may expand­ed in the second quarter as facto­ry and farming output improved, helping it recover from the first annual contraction in 25 years.
 
“Intuitively, we might be get­ting out of recession in the second quarter, but I can’t say until all the numbers are in,” Kale, who is also chief executive officer of the Na­tional Bureau of Statistics, said in an interviewWednesday at his of­fice in Abuja.
 
“If it doesn’t happen in the second quarter, it will be a much more reduced negative, and it will definitely happen in the third quarter unless we have a new round of shocks in the later weeks.”
 
The economy shrank 0.5 per­cent in the first three months of the year, a fifth straight quarter of contractions. The economy declined 1.6 percent in 2016, the first full-year drop since 1991.
 
Of the six industries that make up more than half of the econo­my, manufacturing and farming will grow in the second quarter, trade and real estate will probably contract, while crude and tele­communications might shrink or expand marginally, Kale said.
 
Factory costs dropped in the quarter after the central bank introduced a window for inves­tors to trade foreign currency at market-determined prices in April, making dollars more read­ily available to pay for imported inputs.

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