DCS needs more resources to capture all economic data: CB Governor


by Sanath Nanayakkare

Economic growth in 3Q 2017 (3.3%) was certainly due to adverse weather conditions, however, this growth number maybe an understatement as the Department of Census and Statistics (DCS) could not undertake all the necessary surveys introduced in the new, updated GDP compilation framework due to lack of resources, Dr. Indrajit Coomaraswamy said last week.

"In fact, the DCS had to use proxies for certain economic subjects in the process of data compilation. This has caused some concern on our side and we are consulting with them in this regard", he said.

Further speaking the governor said," The DCS has very competent and bright people. They have done extremely well in introducing a new updated framework for calculating the GDP. It is a welcome development. However, for that framework to work well, you need a lot of data for which you need to undertake a lot of surveys. At the moment, they don't have the resources to undertake all the surveys that are necessary to back up this framework. We all need to work together to make it work well. Once they undertake all the necessary surveys for data compilation, we will be able to obtain the true picture of the economic activity in all sub sectors".

"So, this is one disappointing area among the positive monetary and fiscal results in 2017 where we need to work together and sort it out," Dr. Coomaraswamy said.

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