Despite the increasing cost of goods in markets across the country, the
nation’s economy is said to have snapped out of recession as Gross Domestic
Product has returned to positive growth.
nation’s economy is said to have snapped out of recession as Gross Domestic
Product has returned to positive growth.
How real are these statistics
when people are not making more money but spending more?
The National Bureau of
Statistics on Tuesday said the GDP grew by 0.55 per cent (year-on-year) in real
terms in the second quarter of 2017.
The GDP shrank by 0.52 per cent
(year-on-year) in real terms in the first quarter of 2017, which is the fifth
consecutive quarter of contraction since the first quarter of 2016.
“This
growth is 2.04 per cent higher than the rate recorded in the corresponding
quarter of 2016 ( –1.49 per cent) and higher by 1.46 per cent points from rate
recorded in the preceding quarter, (revised to –0.91 per cent from –0.52 per
cent). Quarter on quarter, real GDP growth was 3.23 per cent,” the NBS said in
the Q2 2017 GDP report.
The economy had shrunk by 1.5 per cent in 2016,
the first full-year contraction in 25 years.
