BBS to compute quarterly GDP from next fiscal year

The Bangladesh Bureau of Statistics (BBS) received positive feedback from its stakeholders that the latters would provide data for publishing GDP growth forecast on quarterly basis.

The interested parties numbering around 60 are different government agencies and autonomous bodies that came up with a positive reply to the letters sent by the BBS.

“Most stakeholders have already responded to our letters, agreeing that they would send info of their respective sectors to the centralized official bureau on quarterly basis,” said a senior official of National Accounts Wing of BBS.

In September, the national statistics agency sought opinion from its stakeholders about providing the bureau with quarterly data.

The country has been releasing GDP data on yearly basis, unlike the global practice of posting data on quarterly basis. Bangladesh’s peer countries in South Asia also follow the quarterly practice.

“The quarterly data on economic activities is vital for framing policy guidelines by the government and making a forecast on near future,” a top planning ministry official told The Business Post.

According to the BBS, it is getting data from a few government agencies which would rather be intensified once separate MoUs are signed to this effect.

The bureau, however, will send letters to all stakeholders for signing Memorandum of Understanding (MoU) to make their data providing mandatory.

“Not this year, we will publish the GDP forecast on quarterly basis from the next fiscal year,” said a senior official of BBS.

The synchronization of data for quarterly growth projection is a daunting task in comparison with the existing manpower and technical crisis facing the statistician authority.

The BBS has already published a circular for appointing 712 officials to different posts including those at field levels to speed up its activities.

State Minister for Planning Prof Shamsul Alam said the bureau of statistics is capable of forecasting GDP growth quarterly, and they are now working on it.

The government will provide all kinds of support to the authorities making them strong and worthy of doing this task, the minister made an assertion.

“The periodical data will play vital role in understanding, knowing, adopting and taking action about maintaining economic growth. It will be easy to take measures if we get such data,” added Prof Shamsul.

So far, BBS is the only paramount institution to estimate and finalise Gross Domestic Product (GDP) on both quarterly and yearly basis.

It has also planned to forecast district-wise GDP growth, so the government can take effective measures.

The national agency has also plan to sign MoU and launch GDP trackers to get data from different sectors.

In addition, it has an alternative scheme to conduct surveys of those sectors unless MoUs are signed with them.

From now on a total of 19 sectors will have GDP growth forecast instead of earlier 15.

The new sectors include information and communication, arts, entertainment and recreation, activities of extraterritorial organisations and bodies, and other services activities.