Agric Sector Records Increase Despite Recession – NBS

Despite Nigeria’s Gross Domestic Product (GDP) decrease by 2.24 per cent, agriculture records 1.86 per cent increase in the third quarter of 2016.

According to a report released by the National Bureau of Statistics (NBS) and made available to The Tide in Port Harcourt recently, “real agricultural GDP growth in the third quarter of 2016 stood at 4.54 per cent (year-on-year), an increase of 1.07 per cent from the corresponding period in 2015”.

The NBS stated that agriculture contributed 28. 65 per cent to the overall GDP in real terms in the third quarter, growing by 1.86 per cent from 2015 records, and higher by 6.10 per cent from the second quarter.

The report asserted that Nigeria’s GDP in real terms had reduced by 2.24 per cent in the third quarter, deeper than what was obtainable in the first and second quarters of 2016.

The Bureau stated that owing to massive revenue shortage, foreign exchange reduction and the unstable naira-dollar exchange rate the figure reduced by 0.18 per cent from growth recorded in the preceding quarter and by 5.08 per cent from growth recorded in the third quarter of 2015.

Other sectors apart from agric that recorded growth included textile and footwear, human health and social services, entertainment and recreation, financial institutions and oil which contributed 8.19 per cent at total GDP.

King Osila