The National Bureau of Statistics has released the Q3 2020 GDP report for the country.
The report shows a reduction of 3.62% for the quarter, with oil GDP shrinking by 13.89%, and the non-oil sector shrinking by 2.48%.
It represents a slight improvement on Q2 figures, but confirms a second recession for the country in only 3 years. Economic performance for 2020 so far is now at -2.48%.
The agriculture sector which accounts for nearly 22% of GDP saw slower growth, rising by 1.39%, while the information and communication sector grew by 14.56%. The telecoms sub-sector led the way with 17.36% growth in the quarter.
The continued negative growth was expected as the aftermath of COVID-19 lockdowns continue to be felt.
Since the easing of restrictions due to COVID-19 during the quarter under review, some sectors have begun to reverse their losses, even though they are remain deep in negative territory. Transport and storage declined by 43%, accommodation declined by 22.61%, and trade by 12.12%.
These figures are in contrast to declines of 49.23%, 40% and 16.6% in Q2 respectively.
It remains to be seen how quickly the economy can return to growth, in order to deliver employment and prosperity to its huge population.