Blame Oil: Nigeria Slumps Into Recession, Norway Stalls

The oil crisis is still biting. Nigeria slumped into recession and Norway's economic growth slowed to a standstill in the second quarter. Both countries rely on oil for a big chunk of their exports and have been hit hard by the collapse in prices. Oil has recovered from February's low of just over $26 per barrel but the current price of about $46 is still less than half what producers were getting just two years ago. Nigeria's second quarter GDP fell by more than 2% compared to last year, after slipping by 0.4% in the first quarter.

Topics:  norway   oil   february   newsok   nigeria   recession   quarter   

 

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