Latest figures released by the National Bureau of Statistics (NBS) show that Nigeria retained its economic status as the 26th-biggest in the world and the biggest at the continental level based on the earlier Report released in April, which estimated the value of the economy at about N80trn (about $510bn).
The NBS, yesterday, published the final rebased Nigerian Gross Domestic Product, GDP, Report (Expenditure Approach) 2010-2013, which raised the size of the economy marginally to about N81.009trn.
According to the latest report, the final consumption of Household Items Expenditure accounted for the largest chunk of the rebased GDP profile, standing at about N58trn in 2013, up from the N42trn of the preceding year.
The report also indicated that Expenditure on Export Goods and Services stood at N14.6trn as against the N22.8trn recorded in 2012.
Amounts spent on Gross Fixed Capital Formation in 2013 year were recorded at N11.7trn, up from the N10.6trn expended in 2012.
The Bureau also reported that overall Gross Final Consumption Expenditure of General Government as amounting to N6.5trn, rising marginally from the N5.9trn expended in the preceding year, while final Consumption Expenditure of Non-Profit Institutions Serving Household amounted to N302bn in 2013 as against the N248.5bn recorded in 2012.
Curiously, the report showed a marginal decrease in Changes in Inventories Expenditure from the N204bn recorded in 2012 to about N201bn in the 2013 review year.
The total GDP by Expenditure Size was recorded at about N91trn but when the expenditure on Imports of Goods and Services totalling about N10.518 trillion is netted off, the domestic economy’s GDP size by expenditure was recorded at N81trn.
A further analysis of the 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 N80trn, comprising compensation of employees expenditure of about N22trn; Operating Surplus of about N53.5trn; Consumption of Fixed Capital N3.7trn; and Other Taxes on Production (Net) value of N536bn.
The NBS also reported that a total of N917bn accrued as Net Taxes on Products during the year under review, thereby pushing the overall GDP figures at Market Prices to N81trn.
Some other characteristics of the final rebased GDP figures by expenditure based on National Disposable Income and its Appropriation Current Purchasers Value showed that whereas Domestic Factor Income and National Income and Market Prices stood at N75.8trn and N72.7trn respectively, the Appropriation of Domestic Income rose from N68.3trn in 2012 to N76trn in the review year 2013.
Similarly, an analysis of the final rebased figures based on Capital Finance Current Purchasers Value basis showed that Gross Fixed Capital Accumulation rose marginally from about N10.6trn in 2012 to N11.7trn in 2013. The Net Lending to the World figures decreased substantially from about N12.6trn in 2012 to about N2.7trn in the review year.
