NBS TO RELEASE REBASING OF GDP DATA BY END OF JANUARY. (PHOTO).
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NBS to Release Rebasing of GDP Data by End of January
The National Bureau of Statistics (NBS) has announced plans to unveil the newly rebased Gross Domestic Product (GDP) data at the end of January.
This was shared during a workshop on GDP and Consumer Price Index (CPI) rebasing, organized by the NBS and the Nigerian Economic Summit Group in Lagos on Thursday.
In October, the NBS revealed its intention to rebase the GDP and CPI to reflect the country’s current economic realities and structural shifts. 2019 has been chosen as the base year for the rebasing.
Moses Waniko, the Technical Assistant to the Statistician General, explained that the data is being validated, and the final figures will be launched at the end of the month.
“We’re wrapping up the rebasing process. Once we validate the results, we plan to launch the data by the end of January,” said Waniko.
He noted that the rebasing would have significant implications for the national economy, including providing a clearer economic trajectory and a potential increase in the size of the economy. Additionally, changes in indicators like the tax-to-GDP and debt-to-GDP ratios, as well as per-capita income, are expected after the rebasing.
Nigeria's current GDP is based on data from 2010.
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