Home / Front Page/ CB denies growth numbers manipulated

CB denies growth numbers manipulated


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

Facebook

  • 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


DISCLAIMER:

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 Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.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

COMMENTS

Today's Columnists

Poson ponderings on positional power: ‘Authority vested’ vs. ‘authority wasted’

Monday, 17 June 2019

We witnessed a serene Poson Poya, in a far more improved security setting in Sri Lanka. Whilst the Sri Lankan life slowly returning to normal, political fronts do not appear to show the same. Has the political power become the people ‘pava’ (sin)


Emperors without clothes: Is Mother Lanka naked too?

Monday, 17 June 2019

The expression ‘The Emperor without clothes’ derives from the Hans Anderson tale that is based on Sufi wisdom. The Emperor in Anderson’s story was without doubt, the finest dressed man in the land and he loved wearing fine clothes and spent al


The confusion of the collision is becoming indescribable!

Monday, 17 June 2019

Strange are the things we are witnessing in the political scene. The fast-evaporating trust and confidence in politicians and the Government are seriously destroying the harmony of the nation. The Prime Minister of the country has admitted that the


Inculcate moral values in children: A change we need

Monday, 17 June 2019

We commemorated World Women’s Day on 8 March and the theme for this year was ‘Think Equal, Build Smart, Innovate for Change’. One of the initiatives taken by the Government to commemorate World Women’s Day was the introduction of separate com


Columnists More