Bureau of Statistics (GBoS) has recently held a day’s synergy on disseminating
the country’s rebase Gross Domestic Product (GDP).
The objective of the GDP rebasing is to develop a new series of national accounts with 2013 as the new benchmark or base year replacing the current 2004 one and to migrate from 1993 UN System of National Accounts to that of 2008.
Speaking at the ceremony held at Paradise Suites Hotel, Nyakassi M.B Sanyang, Statistician General at GBoS said it is important to change reference or benchmark periods of GDP estimates on regular basis to include and measure emerging economic activities and products.
He said it also gives them the opportunity to align their methodologies with updated international recommendations in line with UN System of national accounts.
According to him, outdated GDP base year does not reflect current realities of economic environments, noting that in The Gambia, the first rebasing of GDP was in 1976 and 1977 and the second in 2004 and the newest was in 2013.
Aminata Deen, head of national accounts said the national accounts unit of GBoS is the core unit of the economic statistics directorate and it is mandated to collect, compile and analyze data on all branches of economic activities to produce annual GDP for the Gambia.
She added that GDP and its components are evaluated annually at both current prices for the levels/nominals and constant prices for measuring real growth rates.
Lamin Camara, Permanent Secretary Ministry of finance said in 2013, new economic activities were in cooperated like horticulture which, he said was a good one. He explained that they have seen dynamic changes in terms of contribution to GDP, saying agriculture is around 28% from GDP, service sector around 60% and industry around 15%.