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While commenting on the impact of GDP and inflation to the future of the economy, he added: “Increasing GDP and declining inflation are predicted to continue till year end. However, despite improving corporate performance, because factors that fuel inflation and influence GDP are more encompassing, these macroeconomic indicators may still lag behind corporates. With opening up of the global economy and restoration of global supply chain, and increasing demand, business activities are surging, leading to increased production and corporate earnings. Many of the companies also undertook cost saving measures. Some of the growths in earnings by listed companies were inflation aided due to increase in prices of their products. In terms of PBT the sector occupied the second position posting N471.6 billion and accounted 27.3 per cent.Ĭommenting on the corporate performance in Q3’21 in relation to the economy, analyst and Vice Executive Chairman, HighCap Securities Limited, David Adonri, said: “Declining inflation indicates that the fiscal economy (Production & Trade) is improving, although, this assertion is subject to monetary stability. The Industrial sector occupied the third position on the combined earnings chart recording N1.02 trillion and accounted for 14 per cent of the combined companies’ earnings. Trailing behind the banking sector on earnings performance is ICT/Computer based sector recording N1.2 trillion and accounting for 16.8 per cent of the combined earnings while it occupied third position on the PBT chart recording N322 billion and accounting for 18.6 per cent of the combined companies’ PBT. The sector accounted for 34.8 per cent of the combined companies’ earnings.
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The banking sector in Q3’21 came top in absolute term as it recorded positive performance in both earnings and profitability rising by 3.7 per cent and 3.13 per cent to N2.54 trillion and N701 billion from N2.45 trillion and N680 billion in Q3’20 respectively. However, some analysts and stakeholder argued that the growth in GDP and the steady decline in inflation are nothing to jubilate about as average Nigerians still continue to find it difficult to survive giving the high cost of living in the country.īut a few others said the growth is just a reflection of recovery from the COVID -19 induced pandemic which they stated was positive and a step in jump-starting the economy for sustained growth. Also some of the analysts who spoke to Financial Vanguard on the development attributed the growth, partly, to the Federal Government’s expansionary budget of 2021, Central Bank of Nigeria, CBN stimulus package to some sectors of the economy to tackle the effect of COVID-19 pandemic among others.