CB rubbishes reports of its involvement in manipulating GDP estimates

The Central Bank yesterday rubbished misleading reports suggesting the monetary authority’s involvement in manipulating GDP estimates of the country.
The Central Bank noted that the responsibility of compiling GDP estimates is vested with the Department of Census and Statistics (DCS) since 2007. “GDP estimates were compiled and disseminated by both CBSL and the DCS 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 DCS,” a Central Bank statement said.  

“In addition to compiling GDP estimates, DCS holds the responsibility of compiling statistics on consumer prices, labour force, poverty, etc. following internationally accepted methodologies to support evidence-based policy making,” it added. The Central Banks said it remains a key user of such estimates for economic analysis and monetary policy formulation purposes.  “Hence, the allegations that the CBSL is involved in manipulating GDP estimates are totally unfounded.”