Latest International Monetary Fund (IMF) figures suggest that growth in advanced economies slowed modestly to 1.3% in 2013, from 1.4% in 2012, as a result of sluggish economic activity in the Eurozone, despite the U.S economy appearing to have ended the year on a stronger note, especially when considering the decline in unemployment levels (7% in late 2013).
Growth in emerging markets and developing economies also eased to 4.7% in 2013, from 5.0% in 2012, because of poorer economic performances in India and China, at 4.4% and 7.7%, respectively. Meanwhile, Sub-Sahara Africa’s growth remained flat over the period, unchanged at 4.9% in 2013.
2013 was dominated by heightening political/election engineering as the merger between the Action Congress of Nigeria (ACN), Congress for Progressive Change (CPC) and All Nigerian People’s Party (ANPP) finally came to fruition to form the All Progressive Congress (APC).
Additionally, further infighting broke out within the ruling People’s Democratic Party (PDP), with the formation of a New PDP faction (mainly along north-south lines) and the resignation of a number of governors and lawmakers who joined the opposition APC party.
Growth in 2013 (rebased) was slightly higher than initially expected under the old time series, at 7.4%, but broadly in line with the previous 2012 estimate (6.7%).
The GDP re-basing exercise resulted in a meaningful increase of the share of services (51.9% [at current prices] vs 29.0%) in 2013. This adjustment was reinforced by the telecoms and information sector which saw its contribution to GDP rise to 8.7% from 0.9%, and the introduction of a motion picture, sound recording and music production (Nollywood) sector, which now represents 1.4% of GDP and was not previously captured.