country’s Gross Domestic Product released
today shows that the economy grew at 0.55 per
cent in the second quarter of 2017.
This is 2.04 per cent higher than the rate
recorded in the corresponding quarter of 2016
and higher by 1.46 per cent points from rate
recorded in the preceding quarter.
The statistics office attributes the economic
recovery to the performance of four main
economic activities comprising oil, agriculture,
manufacturing and trade.
Oil GDP recovered significantly from -11.63 per
cent in Q2 2016 to 1.64 per cent in Q2 2017,
while Non-oil GDP grew marginally at 0.45 per
cent.
Agriculture grew 3.01 per cent in Q2 2017, from
3.39 per cent in Q1 2017.
Manufacturing retained its positive growth for
the second consecutive quarter in Q2 2017,
growing at 0.64 percent, while trade which has a
dominant share of GDP remained negative at
-1.62 per cent.
Electricity and gas and financial institutions
sectors also recorded strong growths OF 35.5
per cent.
Financial institutions saw an 11.78 per cent
jump in Q2 2017, compared to 0.60 per cent in
Q1 2017 and -13.24 per cent in Q2 2016.
The industry sector grew positively by 1.45 per
cent in Q2 2017, after nine consecutive quarters
of negative growth since Q4 2014.

Source: JtownConnect