What Does GDP Rebase Mean?

 

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 Nicolene Sauls- Klerksdorp,  SA

Posted: April 07 2014

I woke up to the news that Nigerial is now leading Africa due to GDP rebase in their country, What is it all about?

  NDBS Answer:

Rebase is the process of replacing an old base year with new and more recent base year which include country’s GDP. The base year provides the reference point to which future values of the GDP are compared.  GDP Rebase is a normal statistical procedure undertaken by the national statistical offices of countries to ensure that national accounts statistics present the most accurate reflection of the economy as possible. 

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