ABUJA, Nov 14 – Nigeria’s economic growth slowed slightly in the third quarter to 7.4 percent year-on-year as oil output dipped but a rise in headline inflation in October strengthened expectations for an interest rate rise next week, data showed on Tuesday.
Gross domestic product slowed from 7.72 percent in the second quarter but was in line with expectations.
“While the non-oil sector grew with major contributions to growth coming from agriculture, wholesale/retail trade, telecommunications, manufacturing and finance/insurance sectors, the oil sector output however recorded a negative growth during the third quarter of 2011 arising from a decrease oil production,” the National Bureau of Statistics document said.
Consumer inflation rose to 10.5 percent year-on-year in October, up from 10.3 percent the previous month, NBS said.
Source: Reuters Africa newsletter
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