- 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.”