Rebasing of singapores national accounts statistics singapore. Economic commentary on gdp rebasing meristem securities. Rebasing gross domestic product gdprevising the methods and base data used to calculate gdphas become a growing trend among african countries in recent years. The following documents from international agencies can provide guidance on. Accordingly, with the rebasing of the national accounts by the cso, the central bank has also undertaken a similar exercise so as to ensure that our quarterly series is consistent with the national data. The implications of the gdp rebasing exercise for uganda. Changes in the rebased series the improvements and changes carried out in this rebasing exercise can be summarised as follows. Economic and fiscal implications of nigerias rebased gdp. It is expected to make planning and investment decisions more robust and informed. Let me state categorically that the central bank strongly supports the rebasing exercise. The new gdp series used the international standard industrial classification isic version 4.
Rebased gdp, world bank and nigerias realities vanguard. While we do not yet have a description of the gdp file format and what it is normally used for, we do know which programs are known to open these files. Rebasing has several meanings in economics, but im going to assume that youre referring to the kind of largescale upward revisions of gdp estimates that several african countries have announced in recent years. However, this internal consistency came at the expense of distorted real gdp per capita comparisons in earlier years. The government of uganda released last week, updated figures that raised the countrys gdp by. However it is lower than what we have seen for ghana were the rebasing exercise increased its gdp by 60%. Gdp growth rates the revisions in real gdp growth are moderate, ranging between 0. Extensive discussions were held with the bbs staff in order to identify the areas of weaknesses in the existing procedures. Afristat has conducted technical assistance missions on rebasing of gdp, classifications, improving the quality of national accounts, supply and use table and table of integrated economic accounts, eretes, to the following countries.
Rebasing of the national account series which includes the gdp is the process of replacing an old base year with a new and more recent base year. Nigeria to delay gdp rebasing till next year politics. Gdp by metropolitan area statistics are derived by using the same chaintype index formula that is used in the national accounts. Click, drag, and drop to reorder files or press delete to remove any content you dont want. Are african countries rebasing gdp in 2014 finding evidence. Goods are things that people make, grow or extract from the land. The economy now appears to be driven largely by the service sector which accounts for 53% of the gdp vs. May 18, 2015 rebasing gdp from 2005 to 2010 base year depar tment of statistics dos revised the base year for gdp statistics from 2005 to 2010 with the release of 1q 2015 gdp.
A former official casts doubt on indias gdp figures, economist, june 15, 2019. Nigerias gdp rebasing makes the country the largest economy in africa. What nigerias gdp rebasing means to entrepreneurs encomium. Rebasing is a good move and major development for nigeria. What does it mean to rebase a countrys gdp calculation. Apart from the revaluation of national accounts estimates, the reconciliation of gdp estimates compiled using three independent approaches output, expenditure and income in the new base year is integral to the rebasing exercise. This is to incorporate recent economic developments, methodological improvements, industrial reclassification and to reconcile data from various census. Rebasing and revision of gross domestic product gdp of bangladesh. The size and structure of the nigerian economy following the rebasing excercise. This happens when a country that has long neglected the statistical work needed to m. Gdp by production gdp by expenditure difference between volume measures and real income measures sfthiltdd i d 3 scope of this lecture goods and services and gdp measures volume measures main principles 1 level of aggregation1 level of aggregation detailed level of aggregation gdp by activity at least 2 digits by isic, nace.
This is often called real gdp per capita in the international. Rebased gdp, world bank and nigerias realities vanguard news. So in conclusion, ghana, nigeria and a few other african countries that have changed the base year for calculating their countrys gdp rebasing, did so not just for data restructuring purposes, but the rebasing was something that had to be done to make the gdp figures accurately reflect the current economic situation of the various countries. Ideally speaking, countries will plan on using annual rebasing and chain volume indices as recommended by sna93. The new figures are to be welcomed because they provide the basis. May 02, 2014 dr ngozi okonjoiweala, the minister of finance on friday said the essence of rebasing nigerias gross domestic product gdp was to ascertain the actual size of its population. National account aggregates, such as the gross domestic product gdp are normally compiled in the first instance at current or nominal prices, using the data available from different sources, such as censuses and surveys, administrative sources, producers associations and other ad hoc sources and studies. Rebasing captured the structural changes in the economy especially in banking, telecom and entertainment sector where nigeria recorded dramatic growth in recent years. Official statistics, big data and human development. Although austin middletons answer is clear and internally correct in its own terms, i suspect that the op was thinking about a different type of gdp rebasing. Jun 07, 2014 while table 3 shows the nominal gdp figures before and after rebasing, table 4 highlights the percentage change in nominal gdp after rebasing. Rebasing of national accounts series means replacing the old base year used for compiling the constant price estimates to a new and. Gdp file is a scrolling game development kit project.
Highlights the concept of gdp rebasing and its key benefits. Preliminary data for 2014 and projections for 2015 confirm the negative trend for. What are the benefits and implications of rebasing the gdp to 20. The scrolling game development kit or gamedev for short is a complete game development system whose features can be. Operational guide on how to do gdp rebasing ecastats. Proper metrics are crucial to a full understanding of the economy. Analysis of likely implications on rebasing the gdp of kenya undp. This study analysed how to help the bangladesh bureau of statistics bbs find ways of improving its national accounts statistics. You can merge pdfs or a mix of pdf documents and other files. If rebasing were done separately from benchmarking exercise, it would be possible for countries to undertake more frequent rebasing without demanding detailed data or substantial resources.
With the latest rebasing, nigeria is now worth n80. The rebasing of gdp statistics is a technical exercise by nbs, although it could have implications for sectoral budget allocations in the medium term, the afdbs dore told obg. Apr 10, 2014 the nigerian national bureau of statistics completed its gdprebasing exercise last weekend, the result of which shows that nigerias 20 gdp is 89% higher than was previously calculated, and nigeria has overtaken south africa as the largest economy on the continent. This basically is a presentation by the ministry of planning and development, and the central statistical office cso. With the publicity given to the 20 estimate of niger. See the list of programs recommended by our users below. Effect on data series total gdp estimate went up by 60%. The combination of ghanas rapid economic growth and the recent gdp rebasing. Oecd glossary of statistical terms rebasing definition. The rebasing of nigerias gdp the change of the base year from 1990 to 2010 and the increase in the number of industries measured for gdp calculation raises the size of the economy of africas. Justification for rebasing the national accounts changes in current price or nominal gdp reflect the changes in total value of goods and services produced in the economy.
Rebasing of gdp means replacing the old base year used for compiling the gdp with a. Statistics singapore rebasing of singapores national. Gdp estimates compiled using three independent approaches output, expenditure and income in the new base year is integral to the rebasing exercise. Rebasing of national accounts series means replacing the old base year used for. It can be seen that while the services sector witnessed a phenomenal increase of 240% using 2010 figures, industry saw a slowdown of 10. Nigeria to delay rebasing of gdp until next year the rebasing of nigerias gross domesticproduct gdp, which is expected to increase the estimated size of africas secondlargest economy by about 40 percent, was likely to be delayed until next year, the head of the statistics bureau said yesterday. Gross domestic product gdp is an internationally recognised measure of economy size and strength. User guide to the data the main aim of the mpd is to provide data on gdp per capita for comparisons of relative income levels across countries. Rebasing gdp from 2005 to 2010 base year depar tment of statistics dos revised the base year for gdp statistics from 2005 to 2010 with the release of 1q 2015 gdp. The recalculation was a result of changes to the base year, from 2002 to 200910. The structure of sri lankan economy has also been changed significantly.
The ghana statistical service has rebased ghanas national accounts series from the 1993 base year to 2006. Pdf merge combine pdf files free tool to merge pdf online. The rebasing of nigerias gdp the change of the base year from 1990 to 2010 and the increase in the number of industries measured for gdp calculation raises the size of the economy of africas most populous nation by 75%1. Most of all, rebasing gdp in this manner is a statistical sleight of hand that will be very difficult to repeat. Amadou sy, 2015, are african countries rebasing gdp in 2014 finding evidence of. Every day thousands of users submit information to us about which programs they use to open specific types of files. In practice, most governments validate gdp calculations by rebasing periodically, in a bid to reflect structural changes in the economy. It is importance to have uptodate data so the rebasing is a step in the right direction. Gdp remains the key measure of economic activities as it aggregates the market value of final goods and services produced within a country in a specified period of time. The first section summarizes the reasons for the selection of. The nigerian national bureau of statistics completed its gdprebasing exercise last weekend, the result of which shows that nigerias 20 gdp is 89% higher than was previously calculated, and nigeria has overtaken south africa as the largest economy on the continent.
For zambia this has not happened for nearly 20 years making the gdp and inflation gdp deflator figures deeply unreliable. How to merge pdfs and combine pdf files adobe acrobat dc. However it is lower than what we have seen for ghana were the. Nigeria country strategy and program evaluation 200414. Apr, 2014 first it was the world bank country director, mariefrancoise marienelly who claimed that 100 million nigerians were living in destitution. Once you merge pdfs, you can send them directly to your email or download the file to our computer and view.
The views expressed are those of the authors and not necessarily those of the central bank. With the latest rebasing, nigerias gdp has increased to 89. With people like bill gates investing in gdp data gathering across the continent it will be very difficult for anyone to get away with waiting 24 years and then discovering previously unseen economies in. Okonjoiweala gives reason for gdp rebasing vanguard news. Rebasing of gross domestic product gdp is there a need. In addition, rebasing enables improvements to be made to coverage and data sources as well as inclusion of methodological enhancements due to new and emerging activities.
What is gross domestic product gdp and economic growth rate. The last time nigeria rebased her gdp was 24 years ago hence, the gdp data prior to rebasing may have largely underestimated the true size of nigeria economy. Rebasing and revision of gross domestic product gdp of. Income status and implications of graduation from ida abstract ghanas largest and most important creditor for the past three decades has been the international development association ida, the soft loan window of the world bank. A number of us are wondering what this all means let us go through. With the publicity given to the 20 estimate of nigerias nominal gdp, it is assumed that. This paper gives a synopsis of the rebasing process with emphasis on the likely effects of rebasing on growth rates. Once files have been uploaded to our system, change the order of your pdf documents. First it was the world bank country director, mariefrancoise marienelly who claimed that 100 million nigerians were living in destitution. Rebasing ensures the continuing relevance of real gdp growth estimates. The rebased gdp series show that the decline in economic activities in 2009 was less than previously estimated.
Are african countries rebasing gdp in 2014 finding. The estimates of economic growth will be reported on the basis. The 25% estimate is larger than the 20% it had previously suggested. Pdf the new rebasing of nigerian gross domestic product gdp by the national bureau of statistics nbs in april 2014 positioned the nigerian economy. Rebasing may have different meanings in different contexts. Gdp per capita over time matches the growth rate from those national accounts. News brief new series of the gross domestic product gdp. Prior to the release of the rebased figures, guestimates put post rebasing expansion at about 40%. A handful of countriesnot all poor, but all with a history of violencehave not conducted a. Ideally speaking, countries will plan on using annual rebasing. The news brief from the ghana statistical service announcing the change noted that the new gdp series estimated a 60.
Introduction several key economic and financial institutions and leaders have commended nigerias rise to global economic power as a result of the rebasing of the countrys gross. Alongside more accurate weightings of the economic contribution of relatively new sectors such as telecoms and entertainment, the project will also encourage. Nov 01, 2015 although austin middletons answer is clear and internally correct in its own terms, i suspect that the op was thinking about a different type of gdp rebasing. Click add files and select the files you want to include in your pdf.
Poverty levels in nigeria have not improved much over this period. Dr ngozi okonjoiweala, the minister of finance on friday said the essence of rebasing nigerias gross domestic product gdp was to ascertain the actual size of its population. The ongoing media debates on nigerias rebased nominal gross domestic product, gdp, offer insight into intrigues of using statistical tools for economic and political considerations. The rebasing exercise revalues constant price or real gross domestic product gdp at the prices prevailing in the new base year. What are the benefits of rebasing gross domestic product gdp.
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