ECONOMYNEXT – Sri Lanka will publish a new series of gross domestic product data from 2015 and has also released revised data from a new base year of 2010, the statistics office said.
GDP numbers will continue to be released on the 2002 base year until the end of 2015.
Rebased data shows a growth rate of 4.5 percent in 2014 compared to a reported 7.4 percent and 3.4 percent in 2013 compared to a reported 7.2 percent in 2013.
"What I had been saying is that household income growth was not in line with GDP growth numbers," Deputy Economic Policy Minister Harsha de Silva said.
"This re-iterates that the growth was not as high."
But in 2012 there was a growth of 9.1 percent compared to 6.3 percent under the old method, which pushed up the nominal GP in 2012. There were also some upward revsions in other years. As a result the total nominal GDP in 2014 is broadly similar.
This indicates that most key economic ratios will only change slightly. The debt to GDP ratio will fall, the revenue to GDP will rise.
However the new method is promised to more accurately reflect economic conditions.