The National Bureau of Statistics (NBS) has justified reasons for embarking on rebasing the economy.
The exercise billed for unveiling this January, the agency said, would enable the government to have a better understanding of the structure of the economy.
In addition, it said a rebased economy, along with the re-launch of rebased Consumer Price Index (CPI) report as being planned NBS, would give direction of sectoral growth drivers, sectors where policies and resources should be channelled in order to grow the economy, create jobs, improve infrastructure and reduce poverty.
The NBS announced last week of rounding off works to launch rabased GDP and a relaunch CPI. Giving fresh insights on the two economic indices to be launched in a statement yesterday, NBS Director of Communication & Public Relations, Mr. Sunday Joel, said: “The exercise will enable policy makers and analysts to obtain a more accurate set of economic statistics that is a truer reflection of the current realities for evidence–based decision making.
It also reveals a more accurate estimate of the size and structure of the economy by incorporating new economic activities which were not previously captured in the computational framework.”
