Nigeria unexpectedly exits recession in fourth quarter
GDP grew 0.11% in the three months to end-December from a year earlier, compared with a decline of 3.6% in the third quarter
Abuja — Nigeria’s economy unexpectedly came out of a recession in the fourth quarter as growth in agriculture and telecommunications offset a sharp drop in oil production.
GDP grew 0.11% in the three months through to end-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 (IMF) data...