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Sri Lanka national accounts to be updated again with new census

ECONOMYNEXT –Sri Lanka’s national accounts, which were revised recently, will be updated again with a more recent base year being taken using data from the latest island-wide census to economic growth calculations are more accurate.

The census and statistics department said it plans to release the revised estimates of the nominal and real Gross Domestic Product along with the expenditure and income estimates by end of August 2015.

Rebased national accounts estimates, released by the census and statistics department earlier this month, which takes 2010 as base year, against 2002 used earlier, shows the economy five percent bigger than under the previous calculation.

The census and statistics department said it has completed the first economic census in Sri Lankan census history considering 2013 as the reference year.

“Results of this census will be available by the end of 2015 and data will represent the most accurate size and structure of Sri Lankan economy,” the department said.

“Therefore DCS is planning to change the base year again from 2010 to 2013.”

The size of Sri Lanka’s economy was estimated at 2.7 trillion rupees in the first quarter of 2015, under the new method of calculating GDP which also shows how it has diversified, with a bigger contribution from services.

The census and statistics department the data release was preliminary and a “few refinements” are being undertaken, including a more extensive use of the Supply and Use Table (SUT) framework.

The department plans to release the revised estimates of the nominal and real GDP along with the expenditure and income estimates by end of August 2015. (Colombo/July 29 2015)
 

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