Home / Front Page/ CB denies growth numbers manipulated

CB denies growth numbers manipulated

Comments / {{hitsCtrl.values.hits}} Views / Friday, 29 June 2018 00:10


  • Points out that Census and Statistics Department took over calculations in 2007

The Central Bank yesterday denied allegations it is involved in manipulating Gross Domestic Product (GDP) numbers and pointed out the sole responsibility of such data has been vested with the Department of Census and Statistics (DCS) since 2007. 

“However, the Central Bank has observed media statements by interested parties, in relation to the involvement of the Central Bank in manipulating GDP estimates of the country, misleading the general public,” the Central Bank said in a statement.

GDP estimates were compiled and disseminated by both the Central Bank and the Census Department until 2006. However, considering the importance of entrusting the role of data compilation with an independent authority, CBSL discontinued the compilation of GDP estimates since 2007, allowing the responsibility of compiling GDP estimates to be vested solely with the Census Department, the statement said. 

In addition to compiling GDP estimates, the Census Department holds the responsibility of compiling statistics on consumer prices, labour force, and poverty, among others, following internationally accepted methodologies to support evidence-based policymaking. 

“The Central Bank remains a key user of such estimates for economic analysis and monetary policy formulation purposes. Hence, the allegations that the Central Bank is involved in manipulating GDP estimates are totally unfounded.” 


Share This Article

Facebook Twitter


1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.


Today's Columnists

We need to challenge climate change doubters before it is too late

Friday, 23 August 2019

Imagine a London where the entire subterranean region is engulfed with dirty water. Crammed train carriages that once barrelled along 249 miles of track transporting busy office workers, builders, teachers, civil servants, cleaners and students now r

The Provincial Council Elections – The charade goes on

Friday, 23 August 2019

Originally the SLPP was keen to hold the Provincial Council Elections (PCE) immediately after the Local Government Election results as they felt the PCE would go in their favour. PCE were held under the Proportional Representation system. The relevan

The presidency and the dilemma of the Presidential Election

Friday, 23 August 2019

J.R. Jayewardene created a presidential system not because the parliamentary system of governance that preceded it had failed. He wanted to take over all the powers of the State and assume the status of ancient kings who ruled the country in the past

Enough power in the presidency for the right person

Friday, 23 August 2019

The presidency has not much power some say, but I would say there is plenty for the right person. By intention or otherwise, our Constitution leaves the presidency to be defined by the person occupying the chair. Maithripala Sirisena (MS) showed us t

Columnists More

Special Report