{"id":64,"date":"2015-05-17T15:07:47","date_gmt":"2015-05-17T15:07:47","guid":{"rendered":"http:\/\/ahmad.works\/writing\/?p=64"},"modified":"2021-05-16T16:44:11","modified_gmt":"2021-05-16T16:44:11","slug":"amazing-classic-interior-design-with-perfect-lighting","status":"publish","type":"post","link":"https:\/\/westsons.com\/blog\/amazing-classic-interior-design-with-perfect-lighting\/","title":{"rendered":"Africa\u2019s Largest Economy Unexpectedly Exits Recession"},"content":{"rendered":"

Nigeria\u2019s economy<\/strong> unexpectedly came out of a recession in the fourth quarter as growth in agriculture and telecommunications offset a sharp drop in oil production.<\/p>\n

Gross domestic product grew 0.11% in the three months through December from a year earlier, compared with a decline of 3.6% in the third quarter, the Abuja-based National Bureau of Statistics said on its website on Thursday. The median estimate of five economists in a Bloomberg survey was for a quarterly decline of 1.86%. The economy contracted 1.92% for the full year, the most since at least 1991, according to International Monetary Fund data.<\/p>\n

Picking Up<\/h4>\n

Oil production fell to 1.56 million barrels a day in the fourth quarter from 1.67 million barrels in the previous three months. While crude contributes less than 10% to the country\u2019s GDP, it accounts for nearly all foreign-exchange earnings and half of government revenue in the continent\u2019s biggest producer of the commodity.<\/p>\n

The government\u2019s forecast for growth of 3% this year is double that of the IMF. The lender has warned a slow roll-out of Covid-19 vaccines could\u00a0 threaten the economy\u2019s recovery.<\/p><\/blockquote>\n

The non-oil economy expanded by 1.7% from a year earlier, the strongest rate in four quarters, with agriculture growing 3.4% and telecommunications increasing 17.6%.<\/p>\n

\"\"A stronger recovery could ease pressure on the central bank to stoke activity, paving the way for a renewed focus on its price stability mandate. That means the monetary policy committee could start raising interest rates again to fight inflation that\u2019s been above the target band of 6% to 9% for more than five years. The panel eased by 200 basis points in 2020.<\/p>\n

The government\u2019s forecast for growth of 3% this year is double that of the IMF. The lender has warned a slow roll-out of Covid-19 vaccines could\u00a0 threaten the economy\u2019s recovery.<\/p>\n

\u201cThe fact that we have seen a recovery in non-oil GDP growth is positive,\u201d said Razia Khan, chief economist for Africa and the Middle East at Standard Chartered Bank. \u201cHowever, the headwinds associated with the second wave of Covid-19 may still be considerable.\u201d<\/p>\n

– Bloomberg<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Nigeria\u2019s economy unexpectedly came out of a recession in the fourth quarter as growth in agriculture and telecommunications offset a sharp drop in oil production. Gross domestic product grew 0.11% in the three months through December from a year earlier, compared with a decline of 3.6% in the third quarter, the Abuja-based National Bureau of Statistics said on its website on Thursday. The median estimate of five economists in a Bloomberg survey was for a quarterly decline of 1.86%. The economy contracted 1.92% for the full year, the most since at least 1991, according to International Monetary Fund data. Picking Up Oil production fell to 1.56 million barrels a day in the fourth quarter from 1.67 million barrels in the previous three months. While crude contributes less than 10% to the country\u2019s GDP, it accounts for nearly all foreign-exchange earnings and half of government revenue in the continent\u2019s biggest producer of the commodity. The government\u2019s forecast for growth of 3% this year is double that of the IMF. The lender has warned a slow roll-out of Covid-19 vaccines could\u00a0 threaten the economy\u2019s recovery. The non-oil economy expanded by 1.7% from a year earlier, the strongest rate in four quarters, with […]<\/p>\n","protected":false},"author":1,"featured_media":461,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"image","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[16],"tags":[6],"class_list":["post-64","post","type-post","status-publish","format-image","has-post-thumbnail","hentry","category-economy","tag-design","post_format-post-format-image"],"_links":{"self":[{"href":"https:\/\/westsons.com\/blog\/wp-json\/wp\/v2\/posts\/64","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/westsons.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/westsons.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/westsons.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/westsons.com\/blog\/wp-json\/wp\/v2\/comments?post=64"}],"version-history":[{"count":2,"href":"https:\/\/westsons.com\/blog\/wp-json\/wp\/v2\/posts\/64\/revisions"}],"predecessor-version":[{"id":463,"href":"https:\/\/westsons.com\/blog\/wp-json\/wp\/v2\/posts\/64\/revisions\/463"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/westsons.com\/blog\/wp-json\/wp\/v2\/media\/461"}],"wp:attachment":[{"href":"https:\/\/westsons.com\/blog\/wp-json\/wp\/v2\/media?parent=64"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/westsons.com\/blog\/wp-json\/wp\/v2\/categories?post=64"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/westsons.com\/blog\/wp-json\/wp\/v2\/tags?post=64"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}