Nigeria’s 2013 GDP growth down to 5.49%

By IAfrica
In Nigeria
Jul 11th, 2014
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Nigeria’s actual Gross Domestic Product growth rate for 2013 has been revised down to 5.49 percent, from 7.41 per cent previously estimated during a rebasing exercise, the statistics office said on Friday.

In a surprise data release, the office also said GDP growth for 2012 had been revised down to 4.21 percent, from a previous estimate of 6.5 percent.

Reuters reports that Nigeria overtook South Africa as Africa’s largest economy in April, after a rebasing calculation almost doubled its GDP to more than $500 billion.

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