TIME SERIES ANALYSIS OF NIGERIAN GROSS DOMESTIC PRODUCTS USING THE METHOD OF PRINCIPAL COMPONENT
Robinson Amos Ibuchi1*& Chinyem Uzoamaka Esther’2’
1Department of Mathematics & Statistics, Ignatius Ajuru University of Education, Rivers State, 2Department of Mathematics & Statistics, Ignatius Ajuru University of Education, Rivers State Email: ibuchirobinsonamos@gmail.com: 2uzochinyem@gmail.com
ABSTRACT
The genuine (expansion changed) gross domestic product of Nigeria is concentrated here by Principal Component Method. An acknowledgment of the arrangement from the main quarter of 2018 to the second from last quarter of 2019 is analyzed using Minitab 12 programming. Both the correlation matrix and the covariance matrix are used. Eigen analysis of both matrices suggest that the first three principal components are enough to explain variation in the data set. The correlation principal components involved all the items. The covariance principal components did not involve all the items which is a deficiency. For instance, animals, ranger service, fishing, strong minerals, development, transport, utilities, convenience and food administrations, account and protection, proficient logical and specialized administrations, regulatory and support administrations and business administrations, policy management, human wellbeing and social administrations and expressions, amusement and entertainment are not included. This makes the technique substandard.
Keywords: Gross, Domestic, Product, Correlation, Covariance
