UPDATE 3-Data overhaul shows Ghana's economy 60 pct bigger

Fri Nov 5, 2010 2:00pm GMT

* Debt, deficit ratios to fall automatically

* Impact of re-basing seen greater than expected

* Move comes as Ghana gears for new Eurobond

(Adds Eurobond yield move, cedi)

By Kwasi Kpodo

ACCRA, Nov 5 (Reuters) - Ghana leapt into the world ranking of middle-income countries on Friday with a new measure of its economy that will add over 60 percent to its output figure by better reflecting recent growth areas such as mobile telephony.

The long-awaited move, which comes just weeks before the West African country is due start pumping oil, means its debt and deficit levels will automatically fall as a proportion of its gross domestic product.

By prodding annual per capita income above the $1,000 mark, it will also mean that Ghana leaves the World Bank's low-income bracket of countries such as Liberia and Afghanistan to join the more affluent ranks of Thailand and Ivory Coast.   Continued...

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