BBS to sign deals for releasing quarterly GDP data

The Bangladesh Bureau of Statistics – for the first time in the country’s history – plans to sign Memorandums of Understanding with stakeholders from different sectors for publishing the Gross Domestic Product (GDP) data on a quarterly basis.

It also wants to launch a digital platform named GDP Tracker, much like the Sustainable Development Goals (SDGs) tracker, to receive updated information from stakeholders for estimating the local economy’s expansion or contraction quickly and accurately, BBS sources have said.

The bureau has an alternative plan to conduct surveys in the respective sectors if the MoUs do not get signed. Moreover, from now on, the BBS will include 19 sectors for making quarterly and annual GDP growth forecasts, four more than the previous 15 sectors.

The new sectors are the information and communication, arts, entertainment and recreation, activities of extraterritorial organisations and bodies, and other services activities. It also plans to publish district-based GDP reports so that the government can take effective measures.

On condition of anonymity, a senior official of the bureau’s National Accounting Wing told The Business Post, “We are planning to sign MoUs with stakeholders from different sectors, including government ministries and divisions to collect data.”

“The collected information will be used to estimate the GDP figures on a quarterly basis from the next fiscal year.”

The BBS has contacted the ministries, divisions, and departments concerned, requesting their input and opinion regarding what data they can provide for estimating the GDP on quarterly basis.

Last month, the bureau held a meeting with stakeholders discussing ways to make the quarterly GDP figures available to the public, insiders said.

Gross domestic product is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period.

Every year, the Bangladesh government initially publishes the annual provisional figure before releasing the final report. The BBS has been compiling and disseminating annual GDP data since the country’s independence.

On the matter, State Minister for Planning Prof Dr Shamsul Alam told The Business post, “The BBS’ National Accounting Wing is capable of making quarterly forecasts of our GDP, and they are currently working on it.”

“It is already a delayed move because our neighboring countries such as Malaysia, Indonesia, and Thailand are publishing their GDPs on a quarterly basis.”

He continued, “Presently, Bangladesh publishes a particular year’s report the next year. From now on we will collect GDP data digitally and publish quarterly. If the task is digitalised, the report will be available immediately.”

“Our neighboring countries provide GDP data every three months. We are going to do it too despite being late. Even though there is an annual estimate, it will be easier for us to take immediate steps if we get data every three months.”

The minister added that the quarterly data will play a vital role in understanding, knowing, adopting and taking action regarding the economy. “Economy has a cycle and quarterly updates are needed to measure its variation, as sometimes the economy goes up and sometimes it goes down,” he told The Business Post.

Alam said the BBS will have to provide the required data on time so that the government can take steps in a timely manner.