Real estate sector contracted by 17.18% –NBS

Part of the report said, “In nominal terms, real estate services in the second quarter of 2020 declined by 17.18 per cent per cent, or 19.27 per cent points lower than the growth rate reported for the same period in 2019 and lower by 18.31 per cent points compared to the preceding quarter.”The contribution to nominal GDP in Q2 2020 stood at 5.23 per cent as against 6.35 per cent recorded in Q2 2019 but same as the value in Q1 2020.

Real GDP growth recorded in the sector in the second quarter of 2020 fell by 21.99 per cent, lower than the growth recorded in Q2 2019 by 18.15 per cent points, and 17.24 per cent points relative to Q1 2020.It contributed 5.30 per cent to real GDP in Q2 2020, lower than the 6.43 per cent it recorded in the corresponding quarter of 2019.

In the NBS report, Nigeria’s GDP decreased by 6.10 per cent in real terms in the second quarter of 2020, ending the third year trend of low but positive real growth rates recorded since the 2016/17 recession. The decline was largely attributable to significantly lower levels of both domestic and international economic activity during the quarter, which resulted from nationwide shutdown aimed at containing the COVID-19 pandemic.

The domestic efforts ranged from initial restrictions of human and vehicular movement implemented in only a few states to a nationwide curfew, bans on domestic and international travel, closure of schools and markets among others, affecting both local and international trades.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Property Property Latest News, Property Property Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Precious Okechukwu: 25-year-old Redefying The Real Estate Business | Leadership NewspaperPrecious Okechukwu: 25-year-old Redefying The Real Estate Business Someone once said, “Setting goals is turning the invisible into the visible.” But being totally in love with your goals is one of the most beautiful
Source: LeadershipNGA - 🏆 4. / 77 Read more »

‘Real estate key to resolving Nigeria’s economic crisis’The real estate has been identified as key to resolving the nation’s economic crisis. Chief Executive Officer, GText, Akintayo Stephen who made the assertion while unveiling his firm’s post-COVID-19 plans
Source: GuardianNigeria - 🏆 1. / 94 Read more »

Precious Okechukwu: 25-year-old Redefying The Real Estate Business | Leadership NewspaperPrecious Okechukwu: 25-year-old Redefying The Real Estate Business Someone once said, “Setting goals is turning the invisible into the visible.” But being totally in love with your goals is one of the most beautiful
Source: LeadershipNGA - 🏆 4. / 77 Read more »

‘Real estate key to resolving Nigeria’s economic crisis’The real estate has been identified as key to resolving the nation’s economic crisis. Chief Executive Officer, GText, Akintayo Stephen who made the assertion while unveiling his firm’s post-COVID-19 plans
Source: GuardianNigeria - 🏆 1. / 94 Read more »