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Home Business News

Unconfirmed Reports Suggest July Inflation Rate Is Above 17%, Q2 GDP -2%

Nairametrics by Nairametrics
August 30, 2016
in Business News
The Deadly Combination That Has Sent Nigerian Stocks Crashing
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Unconfirmed reports reaching Nairametrics suggest that Nigerians are due for a double whammy of economic data when the Bureau of Statistics releases the GDP and Inflation report later this week.

According to sources, Nigeria’s inflation rate is likely to be above 17% for the month of July 2016. This will likely be the highest inflation rate since May 2005 when it was 16.82%.

Other reports also suggest that Nigeria is expected to confirm that we are in a recession when the data is released this week

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According to sources,  second quarter  GDP could have plummeted to as low as -2% confirming that Nigeria is indeed in a deep recession

With inflation rates galloping and GDP contracting, Nigeria is now firmly in what is described as stagflation.
A stagflation by definition is when a country’s GDP growth is contracting and inflation rate is rising. It’s one of the most difficult economic situation a business can face.

The National Bureau of Statistics is expected to release its second quarter and July inflation results this week after a delay due to lack of funding.


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Tags: Nigeria GDP
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Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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