The Bureau’s the gross domestic product (GDP) report for the first quarter of 2017, published on Tuesday shows the Nigerian economy to have contracted by 0.52 percent year-on-year.
The body explained that this recent contraction of 0.52 percent is the best in four quarters, compared to 1.73 percent contraction in Q4 of 2016 and 0.67 percent in Q1 2016.
According to the report, the oil sector saw a boost in its fortune as it contributes 8.9 percent of the country’s GDP, as against the 6.75 percent in the fourth quarter of 2016.
The non-oil GDP grew by 0.72 percent to record the best performance in four quarters, when compared to -0.33 percent in Q4 2016 and -0.18 percent in Q1 2016.
Despite this performance, the contribution of the non-oil sector to GDP declined by nearly two percent from 93.25 percent in Q4 2016 to 91.10 percent.
Transport services GDP contracted by 4.01 percent in Q1 2017 from -2.63 percent in Q4 2016 and 2.23 percent in Q1 2016.
Nigeria’s statistician general, Yemi Kale, said that many sectors of the economy turned positive but failed to get the country out of recession.