L
LequteMan
Guest
The National Bureau of Statistics is set to recalculate Nigeria's Gross Domestic Product in a back casting exercise, according to a statement released by the bureau on Wednesday.
"In view of the need for a complete understanding of the country’s economic history and structural transformation especially over the last two decades, NBS is also undertaking a back-casting exercise to re-compute GDP estimates for years prior to the new base year (2010).
The statement said the exercise would cover only years for and after the new base year (2010-2014).
"This exercise, when completed, will facilitate not only a direct comparison by sector/economic activitiy, but will also enable policymakers and researchers understand more fully the effect of sectoral policy over the years.
"For example, some economic activities have been broken up into more than two sub-activities, others have been merged, and some others did not exist in the old base year period. Therefore, estimating the GDP values of these activities, determining the size of each sector and structure of the economy for several years in the past does present an intensive challenge, especially with respect to data availability and reliability.
"In order to ensure that these estimates can be compared for both pre- and post rebasing periods however, NBS is undertaking this exercise cautiously. Pending the conclusion of the exercise however, the comparison between previous estimates of the sectoral and real GDP should be interpreted cautiously," it concluded.
#Nigeria #GDP
"In view of the need for a complete understanding of the country’s economic history and structural transformation especially over the last two decades, NBS is also undertaking a back-casting exercise to re-compute GDP estimates for years prior to the new base year (2010).
The statement said the exercise would cover only years for and after the new base year (2010-2014).
"This exercise, when completed, will facilitate not only a direct comparison by sector/economic activitiy, but will also enable policymakers and researchers understand more fully the effect of sectoral policy over the years.
"For example, some economic activities have been broken up into more than two sub-activities, others have been merged, and some others did not exist in the old base year period. Therefore, estimating the GDP values of these activities, determining the size of each sector and structure of the economy for several years in the past does present an intensive challenge, especially with respect to data availability and reliability.
"In order to ensure that these estimates can be compared for both pre- and post rebasing periods however, NBS is undertaking this exercise cautiously. Pending the conclusion of the exercise however, the comparison between previous estimates of the sectoral and real GDP should be interpreted cautiously," it concluded.
#Nigeria #GDP