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The National Bureau of Statistics (NBS) has said that it took the decision to rebase the gross domestic product (GDP) and the consumer price index (CPI) because of the dynamism of the economy in terms of growth and recession.
It also promised to unveil the rebased GDP and CPI by the end of January 2025.
It noted that the dimensions of growth and recession need to be properly captured to give more insights into the economic situation of the country.
GDP is the market value of all the goods and services produced within a country in a given period. It measures overall economic activity and signals the direction of economic growth, while CPI is a number that shows the movement of the aggregate price level and is an important macroeconomic variable of a country.
In October last year, NBS announced to the country that it was working to rebase the country’s GDP and CPI to align them with current economic realities.
The last time…
Source: Guardian Newspaper