Friday, 29 August 2014

Rebasing: Nigerian Economy Now Worth N81tn.

The National Bureau of Statistics (NBS) has revised the size of Nigerian economy to about N81.009 trillion following it latest final rebasing of the country's Gross Domestic Product (GDP), using the Expenditure Approach between 2010-2013.
This represented a marginal increase from the projected N80 trillion in 2013 when the output method was used the compute the rebased GDP in May.
According to the GDP Report (Expenditure Approach) 2010-2013 released by the statistical agency, the final consumption of Household Items Expenditure accounted for the largest chunk of the rebased GDP figures at about N58.13 trillion in 2013, up from the N42.115 trillion of the preceding year.
The report also indicated that expenditure on export goods and Services accounted for about N14.61 trillion compared to about N22.82 trillion in 2012.
Also expenditure on Gross Fixed Capital Formation in 2013 stood at about N11.72 trillion, up from the about N10.61 trillion expended in 2012.
The NBS further stated that overall Gross Final Consumption Expenditure of General Government as increased to about N6.54 trillion, rising marginally from the N5.953 trillion expended in the preceding year, while final Consumption Expenditure of Non-Profit Institutions Serving Household amounted to about N302.24 billion in 2013 compared to about N248.57 billion recorded in 2012.
It also indicated a marginal drop in Changes in Inventories Expenditure from about N204.24 billion in 2012 to about N201.44 billion in 2013.
Although total GDP by Expenditure Size stood at about N91.23 trillion, expenditure on Imports of Goods and Services which amounted to about N10.51 trillion reduced the net figure to about N81.009 trillion.
Also, rebased GDP figures on the GDP and Expenditure at Current Purchasers’ Value basis showed that the size of the economy at Basic Prices stood at about  N80.09 trillion including compensation of employees expenditure of about N22.33 trillion; Operating Surplus of about N53.51 trillion; Consumption of Fixed Capital N3.71 trillion; and Other Taxes on Production (Net) value of about N536.44 billion.
The reported noted that a total of about N917.40 billion accrued as Net Taxes on Products during the year under review, thereby pushing the overall GDP figures at Market Prices to about N81.009 trillion.
Among other things, expenditure based on National Disposable Income and its Appropriation Current Purchasers Value indicated that whereas Domestic Factor Income and National Income and Market Prices stood at about N75.84 trillion and N72.74 trillion respectively, the Appropriation of Domestic Income rose from about N68.32 trillion in 2012 to about N76.21 trillion in 2013.

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