The National Bureau of Statistics on Wednesday released the greatly anticipated Gross Domestic Product figures for the second quarter of 2016 with the GDP growth rate sliding further from - 0.36 for each penny in the principal quarter to - 2.06 for each penny year-on-year.
The negative development rate recorded in the second quarter of this current year is an
affirmation of the forecasts by the Federal Government and market analysts that the nation was heading into subsidence.
A recession is characterized as a critical decrease in exercises over the economy, enduring longer than a couple of months. It is unmistakable in mechanical creation, job, genuine pay and wholesale retail exchange.
The technical indicator of a recession is two back to back quarters of negative financial development as measured by a nation's GDP.
In the GDP report released by the NBS, the department said, "In the second quarter of 2016, the country's Gross Domestic Product declined by - 2.06 for each penny (year-on-year) in genuine terms.
"This was lower by 1.70 for every penny focuses from the development rate of –0.36 per penny recorded in the first quarter, furthermore bring down by 4.41 for each penny focuses from the development rate of 2.35 for every penny recorded in the comparing quarter of 2015. Quarter on quarter, genuine GDP expanded by 0.82 for every penny."
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