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Recession in Nigeria Deepens, Economy Shrinks
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... by 2.2% in the Third Quarter
Nigeria's recession deepened in the third quarter, with a 2.24 % contraction in gross domestic product. Oil production fell to an average of 1.63m barrelsof per day, down from 1.69 M in the second quarter. The economy slid into recession for the first time in 25 years in the second quarter, when a slump in crude prices contributed to a 2.06 % contraction. Crude sales make up two-thirds of government revenue. Nigeria's economy could expand by 2.5 % next year -- as long as it can produce 2.2m barrels a day -- the level at which the government made its budget calculations. The non-oil sector grew by 0.03 % in real terms in the third quarter.
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