Nigeria’s Economy Contracts 0.36% in The First Quarter of 2016

Africa’s largest economy contracted in the first quarter as manufacturing, financial institutions and real estate declined.

Gross domestic product in Nigeria declined by 0.36 percent from a year earlier, the Abuja-based National Bureau of Statistics said in an e-mailed statement on Friday, compared with growth of 2.11 percent in the previous three months. The median of 17 economists estimates compiled by Bloomberg was 1.8 percent.

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