The government on Sunday clarified that the back-series GDP data purportedly released by the government was just a draft using one of several possible calculation methods, and that the Ministry of Statistics and Programme Implementation (MoSPI) would announce the results when it settles on a final method.
“It is clarified through this press note that the methodology for back-casting GDP series has not yet been finalised and various alternative methods are being explored,” MoSPI said in a release. “The methodology as also the series using the methodology will be worked out using the suggestions made by the Committee on Real Sector Statistics and other suggestions that emanate during the consultancy process.”
This exercise will then be considered in the Advisory Committee on National Accounts Statistics and subsequently by the National Statistical Commission. Following this, MoSPI will decide about releasing the official estimates the on back series of GDP data.
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The confusion arose because MoSPI recently uploaded a report prepared by a Committee on Real Sector Statistics that contained a chapter presenting various approaches to reconciling the new series of GDP data with the old. Sections of the media as well as some economists believed that the data so presented was MoSPI’s official calculation of the back-series of GDP data.
“Chapter V of the report discusses alternative approaches for converting the old GDP series to the new base year 2011-12,” the release added. “It presents estimates of the old series of GDP and other macroeconomic aggregates converted to the new base year 2011-12 for the period 1993-94 to 2013-14 based on one of these approaches.”
“As the report of the Committee on Real Sector Statistics is in the public domain, there seems to be some confusion in a section of the media as also amongst a few economists and academicians that back series data of GDP has been officially released by the MoSPI,” the release said.
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