GDP rebasing cuts 2013 growth to 5.49 percent

 Nigeria’s actual GDP growth rate for 2013 has been revised down to 5.49 percent, from 7.41 pct previously estimated during a rebasing exercise, the National Bureau of Statistics (NBS) said on Friday.

The office also said GDP growth for 2012 had been revised down to 4.21 percent, from a previous estimate of 6.5 percent.

Nigeria overtook South Africa as Africa’s largest economy in April, after a rebasing calculation almost doubled its gross domestic product to more than $500 billion.