Weekly Economic Index: Inflation persists despite Nigeria’s surprise exit from recession
Last week, the National Bureau of Statistics (NBS) revealed that the economy suddenly came out of a recession as growth in agriculture (3.42 percent) and telecommunications (15.9 percent) balanced a fall in oil production.
Last week, the National Bureau of Statistics (NBS) revealed that the economy suddenly came out of a recession as growth in agriculture (3.42 percent) and telecommunications (15.9 percent) balanced a fall in oil production. According to NBS’s latest Gross Domestic Product (GDP) report, an unexpected growth of 0.11 percent (year-on-year) in Quarter four (Q4) has unexpectedly moved the economy out of recession.
The NBS cited that the GDP grew in the three months of the Q4 through December compared with a decline of 3.6 percent in Q3 in 2020. However, there hasn’t been any significant improvement in living standards since the year began as prices keep skyrocketing.
Below is the Ventures Africa Weekly Economic Index for the week ending 19th of February, 2021. This economic index gives you a glimpse into other recent activities in Nigeria’s economy as well as changes and prices that could affect the economy.
Nigerian Stock Exchange
The NSE All-Share Index and Market Capitalization depreciated by 0.63 percent and 0.61 percent to close the week at 40,186.70 and N21.026 trillion respectively.
Similarly, all other indices finished lower with the exception of NSE Banking, NSE AFR Div Yield, NSE MERI Value, NSE Oil/Gas, and NSE Growth Indices which rose by 0.54 percent, 1.20 percent, 0.27 percent, 4.60 percent, and 5.43 percent while the NSE ASeM and NSE Sovereign Bond Indices closed flat.
Top Five Price Gainers
1. Portland Paints & Products Nigeria Plc.
2. Julius Berger Nig. Plc.
3. United Capital Plc.
4. Livestock Feeds Plc.
5. Africa Prudential Plc
Top Five Price Decliners
1. Consolidated Hallmark Insurance Plc.
2. Royal Exchange Plc.
3. Vitafoam Nig Plc.
4. Stanbic IBTC Holdings Plc.
5. UPDC Real Estate Investment Trust
How did the Naira fare?
The Naira declined against the dollar at the close of last week. The exchange rate closed at N412.44 per dollar on the 19th of February 2021 as against N405.32 per dollar recorded the week before.
How did the price of oil fare?
Brent oil prices closed out the week on the 19th of January 2021 at $ 62.91, a meager increase from the $62.43 per barrel recorded the previous week.
