It is importance to have uptodate data so the rebasing is a step in the right direction. Convert powerpoint to pdf make ppt and pptx slideshows easy to view by converting them to pdf. How to use gdpr to your advantage as a data processor for the first time under eu data protection law, you as a data processor will be subject to regulatory requirements. Introduction firstly, and above all, dont panic and dont focus on 25th may as a deadline. Feb 02, 2015 fy14 growth rate has been revised upward significantly, from 5% to 6. Real gdp values output using the prices of a base year.
Economic commentary on gdp rebasing meristem securities. Convert your sql server compact also called sql ce and ssce database files to other formats online without having to install sql server compact yourself yourself. Analysis of likely implications on rebasing the gdp of. Sep 30, 2015 converting nominal gdp to real gdp requires dividing by the ratio of gdp deflators for the current and baseline years. With the publicity given to the 20 estimate of niger.
Nigerias informal economy accounts for 65% of gdp imf august 8, 2017 8. The implications of the gdp rebasing exercise for uganda and. Gdp and its discontents for many years, especially since world war ii. Rebasing ups indias gdp growth rate in 2014 from 5%. 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. Rebasing a real gdp series from one base year to another is straightforward. This happens when a country that has long neglected the statistical work needed to m. Operational guide on how to do gdp rebasing ecastats. 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. Nigerias informal economy accounts for 65% of gdp imf. Use of regional accounts for policy and analysis 14 1.
Scribd is the worlds largest social reading and publishing site. Abuja dr ngozi okonjoiweala, the minister of finance on friday said the. Regional accounts, a subsystem of national accounts 15 1. Rebasing and revision of gross domestic product gdp of bangladesh. Converting nominal gdp to real gdp requires dividing by the ratio of gdp deflators for the current and baseline years. 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. 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 and revision of gross domestic product gdp of. The longanticipated rebasing of nigerias gdp series was finally made public on sunday april 6, and the general media reaction has been cautiously celebratory. Oct 09, 2012 today, lets talk about indexing, a technique used to compare changes in values over time. Prior to the release of the rebased figures, guestimates put post rebasing expansion at about 40%. This study analysed how to help the bangladesh bureau of statistics bbs find ways of improving its national accounts statistics. Okonjoiweala gives reason for gdp rebasing vanguard news.
Manual on regional accounts methods 5 contents contents abbreviations 10 foreword 11 1. Although measures of the countrys economic weight will always remain approximate, the rebasing of gdp figures due to be concluded by the end of 2014 should give a better indication of the contribution of sectors that are relatively new since the last such exercise in 1990. Rebasing of gdp means replacing the old base year used for compiling the gdp with a. More importantly such a rebasing exercise usually includes taking on board new accounting conventions, improved estimation methods and revised statistical classifications. A model that includes a factor that captures news related to future gross domestic product gdp growth along with the market factor, can explain the crosssection of equity returns about as well. Feb 27, 2018 blog, conversica, customers, display at home page. What does it mean to rebase a countrys gdp calculation. Real gdp growth as indicated by the new series might be evidence that the economic growth might have bottomed out in fy at 5%. In april 2014, the national bureau of statistics, nigeria, under the government of nigeria. Rebasing gross domestic product gdprevising the methods and base data used to calculate gdphas become a growing trend among african countries in recent years. What is gross domestic product gdp and economic growth rate.
The structure of sri lankan economy has also been changed significantly. Analysis of likely implications on rebasing the gdp of kenya. The zambian kwacha was first issued in 1968 to replace the zambian pound. What nigerias gdp rebasing means to entrepreneurs encomium. Gdpr enforcement started last year, bringing with it some key changes for enterprise data protection efforts around the world.
The key thing to remember is that regardless of the base year of a. 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. Preparing for the gdpr with conversica accelerating. Once youve done a couple of these operations, youll be able to do it forever like riding a bicycle. Oecd glossary of statistical terms rebasing definition. Connecticut spendingcap commission legislative office buildinghartford july 18, 2016 daniel w. Economic and fiscal implications of nigerias rebased gdp. Proper metrics are crucial to a full understanding of the economy. Hence we might see the full year fy15 gdp growth rate at. Real versus nominal gdp inflation can distort economic variables like gdp, so we have two versions of gdp. Rebasing is a good move and major development for nigeria. The general data protection regulation of the european union gdpr, which takes effect on may 25, 2018, is the european unions eu comprehensive new privacy law that aims to protect the personal dataand rights related to that data. Most of all, rebasing gdp in this manner is a statistical sleight of hand that will be very difficult to repeat.
Here you can find the official pdf of the regulation eu 2016679 general data protection regulation in the current version of the oj l 119, 04. Gdp is a flow of goods and services usually measured on an annualized basis although tracked in shorter intervals, as well. This information is only used to customize future communications with you. Faq on rebasing rev sun 6th april libertad digital. Economic and fiscal implications of nigerias rebased gdp gross domestic product gdp is an internationally recognised measure of economy size and strength. That is why i want to be one of the first to add to the body of knowledge over the announcement a few hours ago by the government that it would rebase the zambian currency the kwacha by dividing the current notes by. It is customary for countries to rebase their gdp every five years or so to keep up with prices and structure of the economy. The rebasing of gdp figures should give the economy a major boost. Rebasing of the national accounts, which includes the gdp, is the process of replacing an old base year with a new. Nigerian data making the rebasingrebenchmarking of gdp and.
Prior consultation the controller shall consult the supervisory authority prior to processing where a data protection impact assessment under article 35 indicates that the processing would result in a high risk in the absence of measures taken by the controller to mitigate the risk. It can be seen that while the services sector witnessed a phenomenal increase of 240% using 2010 figures, industry saw a slowdown of 10. New series of the gross domestic product gdp estimates pdf. Are african countries rebasing gdp in 2014 finding evidence. Rebasing may have different meanings in different contexts. Today, lets talk about indexing, a technique used to compare changes in values over time.
Nigerias upward revision of gdp should sound alarm on tax. Extensive discussions were held with the bbs staff in order to identify the areas of weaknesses in the existing procedures. Manual on regional accounts methods european commission. The government of uganda released last week, updated figures that raised the countrys gdp by. What are the benefits of rebasing gross domestic product gdp. The gdpr may be the strictest and most farreaching data protection regulation ever passed, imposing tight data protection requirements and heavy penalties for noncompliance for any business around the world that collects or process eu resident data. Show full abstract yet pakistan has somehow managed to attain an annual average gross domestic product gdp growth rate of 5. 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. Advantages and disadvantages of rebasing the currency. Mar 03, 2015 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 palmdoc ebook file type is a version of the pdb format. The name kwacha derives from the nyanja, bemba, and tonga language word for dawn, alluding to the zambian nationalist slogan of a new dawn of freedom. National accounts aggregates at constant prices provide important indicators for measuring growth in the activity or economy.
Rebasing and revision of gross domestic product gdp of bangladesh share this project this study analysed how to help the bangladesh bureau of statistics bbs find ways of improving its national accounts statistics. The estimate of total gdp of nigeria increased from 42. Newseries of national accounts, changes base year from 200405 to 201112april to march. The implications of the gdp rebasing exercise for uganda. 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. Gdp rebasing is the process of replacing old base year price structure in compiling volume measures of gdp with a new or more recent base year, usually at five years average interval. 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.
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. Gdp and its discontents for many years, especially since world war ii, n have equated ec. Regional gross value added gva and regional gross domestic product. Lawfulness of processing 1 processing shall be lawful only if and to the extent that at least one of the following applies. Knowledge is power francis bacon that is why i want to be one of the first to add to the body of knowledge over the announcement a few hours ago by the government that it would rebase the zambian currency the kwacha by dividing the current notes by. Nigerias upward revision of gdp should sound alarm on taxto. Seven emissions of the first kwacha are known to exist, while only one emission of the second kwacha was introduced in circulation on.
Analysis of likely implications on rebasing the gdp of kenya undp. Use indexed charts when understanding change charting. General data protection regulation gdpr official legal. All articles of the gdpr are linked with suitable recitals. The conversion and linking methods used in deriving a consistent series of gdp. The proliferation of ebooks has left this format behind due to the lack of support for drm. 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. What does the gdpr mean for global data protection. It is against this backdrop that undp has supported this study to undertake an indepth analysis of the likely implications of rebasing the economy of kenya.
Gdp and indicators of economic wellbeing sound byte at this point in history, increasing economic activity does more harm than good, so we need to adopt new indicators of wellbeing such as the genuine progress indicator. 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. Gross domestic product gdp is an internationally recognised measure of economy size and strength. It is expected to make planning and investment decisions more robust and informed. All countries are compiling national accounts aggregates at current and constant prices. Analysis on the likely implications of rebasing of kenyas gdp.
Are african countries rebasing gdp in 2014 finding. The name ngwee translates as bright in the nyanja language. The design of the kwacha bill changed as time went on, also, different bills were either introduced in or withdrawn from circulation. View and download grundig xenaro gdp 5100 user manual online. Rebasing of gross domestic product gdp is there a need. Rebasing captured the structural changes in the economy especially in banking, telecom and entertainment sector where nigeria recorded dramatic growth in recent years. Please see chapter 15 of sna and the present gb on gdp rebasing gdp needs to be rebased regularly to realistically capture the structural changes in the economy rebasing of gdp means replacing the old base year used for the compilation of constant price estimates with a new one, more recent. May 02, 2014 okonjoiweala gives reason for gdp rebasing. Highlights the concept of gdp rebasing and its key benefits. The focus is on the implications on trade pacts and access to bilateral, multilateral loans and development assistance and on the social development and key macroeconomic aggregates of the economy. 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.
Convert pdb to pdf online and free this page also contains information on the pdb and pdf file extensions. Now they have to answer to the people whose data they process, i. A number of us are wondering what this all means let us go through. 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 the country. 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 implications of the gdp rebasing exercise for uganda and the eac kigali, 05 december 2014 eca. Pdb to pdf convert your pdb to pdf for free online. Rebasing rebenchmarking of the national account series gdp is the. In practice, most governments validate gdp calculations by rebasing periodically, in a bid to reflect structural changes in the economy. Adjunct facultyeconomics department university of connecticut former senior economist retired office of research connecticut department of labor. The size and structure of the nigerian economy following the rebasing excercise. Making ab testing software more private and gdpr compliant hi, in order to better understand what youd like to get out of our website, we track the urls you visit in a session.
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