(2) The assumed cumulative annual rate which would act as a proxy by
replicating over time the effect of the uplift created in one year by
rebasing GDP. An estimate was made of 1.62% per annum for the
Americas was applied. This was based on an econometric model using
data from a sample of 39 GDP national rebasing exercises carried out
across the world using dummy variables to pick up separate effects for
the Americas, Asia and Africa. The percentage uplift was explained in
terms of the number of years since the last rebasing, GDP per capita, and
the absolute value of GDP. The figure 1.62% employed was the estimated
coefficient for the number of years elapsed since the last rebasing exercise
for the countries in the Americas.