With the publicity given to the 20 estimate of nigerias nominal gdp, it is assumed that the rebasing exercise has political undertones. In view of the rebased estimates, does it mean that sri lankas nas for. Rebasing and revision of gross domestic product gdp of. The size and structure of the nigerian economy following the rebasing excercise. The determinants of longterm economic growth in ghana from. This is especially so when poverty, inequality, youth. The determinants of longterm economic growth in ghana. This second edition is an update of the sources and. 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. This study analysed how to help the bangladesh bureau of statistics bbs find ways of improving its national accounts statistics.
Highlights the concept of gdp rebasing and its key benefits. The european data protection regulation is applicable as of may 25th, 2018 in all. Gdp can be used to gauge the health of a countrys economy. The longanticipated rebasing of nigerias gdp series was finally made public on sunday april 6, and the general media reaction has been cautiously celebratory. Okonjoiweala gives reason for gdp rebasing vanguard news. The gdpr affects several stakeholders and affects them differently.
Country practices on rebasing and linking national accounts. The regional index of sustainable economic wellbeing r. Analysis of likely implications on rebasing the gdp of. Most of the individual reports displayed are also available on an item by item basis from the relevant section within this system.
This regulation lays down rules relating to the protection of natural persons with regard to the processing of personal data and rules relating to. The structure of sri lankan economy has also been changed significantly. The regional index of sustainable economic wellbeing risew is a measure of how much a regions economic activity contributes to, and detracts from, wellbeing, and how sustainable. Pdf or denotes a file in adobes portable document format. A number of us are wondering what this all means let us go through. Gavi, the vaccine alliance, was created in 2000 to accelerate the introduction of new and underused vaccines in lowerincome countries.
Rebasing captured the structural changes in the economy especially in banking, telecom and entertainment sector where nigeria recorded dramatic growth in recent years. It replaces the current 1995 data protection directive. It is distributed as a virtualbox virtual machine image ready to run on your host computer, regardless if it is running linux, mac, or windows. This view matches that of maddison, who argued that the difference between observed ppps in. The study sought to discover the determinants of long term economic growth in ghana. The rebasing of gdp statistics is a technical exercise by nbs, although it could have implications for sectoral budget allocations in the medium term, the afdbs dore told obg. The imperative of smart technology for timely release of official data for national development. Nigerias upward revision of gdp should sound alarm on tax. Rebased gdp results enables policy makers and analysts obtain a more accurate set. Are african countries rebasing gdp in 2014 finding evidence. General data protection regulation gdpr official legal. The study finds that current methodologies are seriously constrained by lack of uptodate. Manipulation of economic indicators in africa on 20 february, tanzania.
Rebasing reveals more accurate estimates of the size and structure of the economy by incorporating new economic activities which were not. What nigerias gdp rebasing means to entrepreneurs encomium. The rebasing of the economy of kenya has elicited intense debate his is because the country will change her global ranking from a low income to a lowmiddle income country, it is important to note that there are other implications arising from it. Rebasing re benchmarking of the national account series gdp is the. Rebasing of the national account series which includes the gdp is the process of replacing an old base year with a new and more recent base year. Ideally speaking, countries will plan on using annual rebasing and chain volume indices as recommended by sna93. What are the benefits of rebasing gross domestic product gdp. Jan 02, 2019 gdpr enforcement started last year, bringing with it some key changes for enterprise data protection efforts around the world. Most important questions of rebased gdp rebasing and. 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. Preparing for the eu general data protection regulation gdpr.
Analysis of likely implications on rebasing the gdp of kenya undp. 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. Nigerias economic performance is still somewhat dependent on oil, and remains susceptible to changes in the oil price. With the latest rebasing, nigerias gdp has increased to 89. Rebasing may have different meanings in different contexts. Data in archived cpi supplemental files may have been revised in subsequent editions. General data protection regulation gdpr official legal text.
What does it mean to rebase a countrys gdp calculation. Economic and fiscal implications of nigerias rebased gdp gross domestic product gdp is an internationally recognised measure of economy size and strength. 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 and improving compilation procedure of national. 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. The sde is a self contained development environment designed to get you started with developing with gdp. Prior to the release of the rebased figures, guestimates put post rebasing expansion at about 40%. View and download grundig xenaro gdp 5100 user manual online. Page 6 of 271 introduction the gdpr in 2016, the european union adopted the general data protection regulation gdpr. Dr ngozi okonjoiweala, the minister of finance on friday said the essence of rebasing nigerias gross domestic product gdp was to.
See the list of programs recommended by our users below. Rebasing of national accounts series means replacing the old base year used for. Gdpr recitals and articles chapter i general provisions article 1 subjectmatter and objectives 1. In particular, seasonally adjusted indexes and percent changes are revised with the release of january data each year for the preceding five years. The rebasing practice is commonplace and many african countries have. Gdpr enforcement started last year, bringing with it some key changes for enterprise data protection efforts around the world. 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.
This happens when a country that has long neglected the statistical work needed to m. It is expected to make planning and investment decisions more robust and informed. May 02, 2014 dr ngozi okonjoiweala, the minister of finance on friday said the essence of rebasing nigerias gross domestic product gdp was to ascertain the actual size of its population. Rebasing of gross domestic product gdp is there a need. 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. Rebasing and revision of gross domestic product gdp of bangladesh. All articles of the gdpr are linked with suitable recitals. Ghana statistical service announced the rebasing of the national accounts estimates from the year 1993 to 2006, which called for a revision of gdp in 2006 from gh. Gross domestic product gdp is a core macroeconomic statistic that measures new zealands economic performance.
Whilst gdp rebasing is a good economic practice that will provide the gok with relevant tools for tackling economic challenges such as growing the economy, fighting poverty and creating jobs, it is important to note that there are other implications arising from it. Construction price indexes frequently asked questions. Extensive discussions were held with the bbs staff in order to identify the areas of weaknesses in the existing procedures and suggest remedies. First available information for september 2008 quarter.
This free ebook from the cloud encryption company, tresorit, helps you explore what the general data protection regulation gdpr is, what are its requirements for processing personal data in the cloud and what key aspects businesses should to look into when choosing cloud storage services. Statistics in the attached tables provide the first available information on the chainvolume measure of gross domestic product gdp for the september 2008 quarter. Rebased gdp results enables policy makers and analysts obtain a more accurate set of economic statistics that is a truer reflection of current realities, for evidencebased decisionmaking. If rebasing were done separately from benchmarking exercise, it would be possible for countries to undertake more frequent rebasing without demanding detailed data or substantial resources.
Mar 15, 20 currency rebasing or redenomination, according to bank of zambia article2012, technical guideline on rebasing, involves the diving of a currency unit by a defined denominator and adapting that rebased currency to every amount expressed in both notes and coins. In practice, most governments validate gdp calculations by rebasing periodically, in a bid to reflect structural changes in the economy. D 2011 defined currency redenomination as the process where a new unit. Information governance is the ability to control the acquisition, management, retention, and disposal of all enterprise information both structured and unstructured within your business, to help reduce risk, ensure compliance, and increase business productivity and efficiency. To view the file, you will need the microsoft excel viewer available for free from microsoft. Rebasing is a good move and major development for nigeria. All of the reports are available in either html opens in a new window or pdf format for download. Find, read and cite all the research you need on researchgate. Since the image is based on a standard ubuntu linux, it can be extended with your personal preferences.
It is importance to have uptodate data so the rebasing is a step in the right direction. Are african countries rebasing gdp in 2014 finding. To this end, kenya has been in the process of revising its national accounts. Nigerias upward revision of gdp should sound alarm on taxto. With the publicity given to the 20 estimate of niger. It is an important tool that helps a range of users, including policymakers, to understand and manage the new zealand economy. To view the file, you will need the adobe reader available free from adobe. 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. Most of all, rebasing gdp in this manner is a statistical sleight of hand that will be very difficult to repeat. Pdf the new rebasing of nigerian gross domestic product gdp by the national bureau of.
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. Regional gross value added gva and regional gross domestic product gdp 16 1. 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. The regional accounts are a regional specification of the national accounts. 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. 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. Economic commentary on gdp rebasing meristem securities. With the latest rebasing, nigeria is now worth n80. Oecd glossary of statistical terms rebasing definition. 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. The imperative of smart technology for timely release of. Excel or the letters xls indicate a document is in the microsoft excel spreadsheet format xls.
Statistics nas including rebasing of the gdp with a view of obtaining a more. Co integration and an errorcorrection model were used to estimate the time series data from 1960 to. The period 200015 was marked by the rapid uptake of new. Economic and fiscal implications of nigerias rebased gdp. It can be seen that while the services sector witnessed a phenomenal increase of 240% using 2010 figures, industry saw a slowdown of 10.
While we do not yet have a description of the gdp file format and what it is normally used for, we do know which programs are known to open these files. Alongside more accurate weightings of the economic contribution of relatively new sectors such as telecoms and entertainment, the project will also encourage. This is especially so when poverty, inequality, youth unemployment, insecurity and gender inequality are still entrenched in the economy. Extensive discussions were held with the bbs staff in order to identify the areas of weaknesses in the existing procedures. 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. Analysis of likely implications on rebasing the gdp of kenya.
A model that includes a factor that captures news related to future gross domestic product. If you are an eu member nation, you will need to set up an independent supervisory authority that. What does the gdpr mean for global data protection. Gross domestic product gdp is an internationally recognised measure of economy size and strength. Every day thousands of users submit information to us about which programs they use to open specific types of files. Eu gdpr compliance requirements download a free ebook.
Since just after world war ii, we have relied on key economic indicators such as gross domestic product gdp, and recently gross value added gva to guide. Without rebasing with rebasing option types central parameters 2. Its primary function is to monitor the organization for compliance to the regulation ensuring the appropriate. Operational guide on how to do gdp rebasing ecastats.
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