Govt proposes major overhaul of GDP series

THE NEW GROSS Domestic Product (GDP) series is set for a major overhaul with the government proposing various changes, including the adoption of the Classification of Individual Consumption according to Purpose (COICOP) 2018 for the compilation of private final consumption expenditure.

- FE BUREAU

The ministry of statistics and programme implementation (MoSPI) on Tuesday released a second discussion paper proposing methodological refinements for compiling GDP from the expenditure approach, as country prepares to shift to a new base year of 2022-23. The first discussion paper on changes in compilation of aggregates based on production/income approach was released on November 21.

The new national accounts series, set for official release on February 27, aims to better capture the evolving structure of the economy and for greater accuracy and international comparability.