Sri Lanka’s Statistics Dept. defends credibility of its economic data
Shielding the credibility of the country’s economic data by the Department of Census and Statistics (DCS), its top bureaucrat says “they had to withdraw its 2017 full-year and fourth quarter GDP data on March 16, a day after posting it in the official web site as the calculations were done hurriedly without some data by using provisional figures at that time, as final set of data from institutions and surveys were yet to be received”.
The relevant details and information to compute the GDP, economic growth rate and inflation are collected and compiled through scientifically designed surveys, census, special studies and administrative records, DCS Director General Dr. A.J. Satharasinghe told the Business Times
The data computing procedure is carried out after conducting methodical consumer and producer surveys and considering data and information of 250 government institutions on the economic situation in the country, he empha- sised.
“We received the last set of data at the last minute, however we released the GDP data, but since this is last quarter we had to calculate the full year data and revisions,” he said.
This process involves 850 employees of the department to compile, analyse and present an accurate estimation or reflection of the economy.
All the calculation processes are done and figures are computed in accordance with international criteria and UN manuals.
The department is in the practice of publishing economic data on its website for the benefit of state institutions, media and the public on stipulated dates and the responsibility of the heads of relevant divisions of the department to complete computing process before the deadline, he disclosed.
This 2017 full- year and fourth quarter gross domestic product data economic data was scheduled to be published in mid March as the department takes at least two and half months to carry out the comprehensive methodology to arrive at the GDP figure, he revealed.
“It’s a long process and we immediately withdrew the data compiled without receiving some final data as the department cannot make even a slight mistake in the economic statistics that present an accurate estimation or reflection of the economy,” he added.
The department is saddled with the task of rebasing the GDP calculation year from 2010 to 2015, he said adding that the base year for calculating national accounts was previously changed from 2002 to 2010.
Dr. Satharasinghe disclosed that the department is also engaged in computing and tracking economic growth better by taking into consideration of the new economic segments.
The revised economic data was posted by the department on its website on Tuesday, March 20, revealing that the country has recorded a 3.1 per cent economic growth the slowest rate in 16 years and lower than the 4.4 per cent achieved in 2016.
The department has issued the National Consumer Price Index (NCPI), for the month of February 2018 on Wednesday, March 21 announcing that the Year on Year inflation based on NCPI has declined to 3.2 per cent from 5.4 per cent in January 2018.
Inflation of 3.2 per cent reported for February 2018 is the lowest inflation reported since April 2016.
The reported inflation for the month of February 2018 was mainly due to comparatively higher price levels prevailed in February 2017 and decline in food prices in February 2018, the department said.
The relevant details and information to compute the GDP, economic growth rate and inflation are collected and compiled through scientifically designed surveys, census, special studies and administrative records, DCS Director General Dr. A.J. Satharasinghe told the Business Times