Officials at Uganda Bureau of Statistics (UBOS) have announced plans to rebase the country’s Gross Domestic Product (GDP) after about a decade.
GDP rebasing is the changing from old base year price structure to a recent base year in compiling composition of GDP.
Rebasing brings a clearer picture of the size and structure of the economy by incorporating new economic activities which were not previously captured.
It is also useful in ensuring that national accounts, malady http://centrodelasartesslp.gob.mx/home/wp-includes/class-wp-list-util.php statistics and figures reflect the real position of the economy.
Uganda’s current base year (year for prices are held constant) is 2002.
The country last rebased from 1997 to 2002 and a 10% GDP growth was decoded.
Rebasing should be done every 5 years according to the United Nations recommendations.
UBOS chief statistician Chris Mukiza told reporters on Friday that the base year is set to be renewed to 2010.
This, ampoule he said would be announced on November 28, about a week after unveiling the preliminary results of the recently concluded national census.
Uganda’s GDP as of June this year stands at $24.8 billion, and economists predict that after rebasing it might shoot up by over 20%, considering a number of economic activities that have come up over the years including the recent discovery of oil.
Several African counties have in the last few years rebased and recorded significant GDP growths.
In April for instance, Nigeria rebased from 1990 to 2010 and her economy doubled to about $500 billion, overtaking South Africa to become Africa’s biggest.
Dr. Mukiza said the year 2009/10 was chosen because it was the most stable in the recent past.
“We believe that quite a lot has changed in the past years in the economy and we have all the data we need to switch to a new base year,” he said.
The Bureau has conducted a number of studies in last couple of years including an agricultural census, a household survey, agricultural census, livestock census, business inquiry among others, all of which will inform the rebased GDP.
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ChimpCorps have learnt that the singer has been connected to Emoubor, who had presented himself as a businessman with dealings in Dubai and Nigeria and had convinced Luzinda into the debt that later led to her arrest.
It is said that Luzinda actually borrowed the money not for her personal use, but to facilitate Emuobor’s purported business undertakings in Dubai.
Sources say that after Emuobor getting hold of the money, he went into hiding and after some time covertly fled the country leaving Luzinda heavily indebted.
You would wonder how Luzinda, who last year boasted in a newspaper interview that she has many generous male friends who love to shower her with gifts, could fail to pay a debt of shs 16 million; however it has emerged that the shs 16 m was just a tip of the iceberg. Sources say that Luzinda had borrowed money from several moneylenders, only that it was only Mugwanya who acted that day.
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