Business Nigeria’s economy is about to grow 40% in one day - Quartz

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South Africa could be ousted as Sub-Saharan Africa’s largest economy when Nigeria publishes its revised GDP figures in December. By using more up-to-date economic data, Nigera’s GDP is expected to show a 40% increase.

Since last year, government workers have been traversing the country in order to collect data and convince local businesses to relinquish information about their financial activity. The new figure will include previously unaccounted for sectors like telecommunications and the country’s growing film industry, “Nollywood.”

Countries normally rebase their GDP, as in change how sectors are weighted, every five years to reflect changes in the economy. But African countries have only recently started to update their calculations. In the span of a day, Ghana’s GDP expanded 60% in 2010 when it rebased its GDP; Gambia and Guinea-Bissau saw their economies double in size (paywall) when they did revisions. As a comparison, when the US upgraded how it calculates GDP earlier this year it added 3.6% to its economy.

Source: Quartz

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http://qz.com/139051/nigerias-economy-is-about-to-grow-40-in-one-day/

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