New GDP Figures Expected In December After Base-Year Update National Bureau of Statistics announced its plans to release new figures for Gross Domestic Product (GDP) of Nigeria in December, after changing the approach to calculating GDP. This move is likely to boost the reported size of the national economy. This information is contained in an e-mail statement issued today by the Bureau. Currently the GDP of Nigeria is based on production patterns in 1990. GDP base year will be updated to 2010, which is intended to give a better indication of the size and composition of the Nigerian economy. According to the head of the Bureau Yemi Kale, the true size and composition of the Nigerian economy has not been properly reflected in the annual calculations since they do not cover the activities of the companies created since 1990. The date of the release of the new GDP figures has been changed several times. Now they new data should be expected not before the end of this year, the bureau informs. The economy of Nigeria, the second largest in sub-Saharan Africa, was estimated at $268.7 billion in 2012. According to the forecast of the International Monetary Fund, it will expand to 7.2 per cent in 2013.
Posted on: Tue, 13 Aug 2013 21:58:45 +0000
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