BBS to release GDP data quarterly from FY24

Bangladesh Bureau of Statistics (BBS) is working to publish the gross domestic product (GDP) data quarterly from the July-September period of the next financial year of 2023-24 to estimate the expansion or contraction of the country’s economy quickly and accurately.

“We are now preparing previous GDP data every quarter and start publishing them quarterly from July-September of FY24,” a senior official of the BBS National Accounts Wing told The Business Post.

The official said the International Monetary Fund (IMF) is training BBS officials on collecting and preparing the quarterly GDP data.

The bureau is now preparing quarterly GDP data from FY2015-16 to the current FY2022-23. They will be published from the next fiscal year after the calculation of the July-September period data.

“We are working to rebase the base year to calculate the GDP every three months. The IMF is providing technical assistance,” said BBS Director General (DG) Md Matiar Rahman.

IMF’s assistance came after its delegation during a meeting last month had asked BBS to release the GDP data quarterly and BBS agreed. BBS has already signed memorandums of understanding (MoU) with various stakeholders to get the data every three months. However, BBS officials said they will also hold field-level surveys for getting the data as few stakeholders have not signed MoUs with BBS.

They said the agency will use data from 19 sectors for making quarterly and annual GDP growth forecasts — four more than the previous 15.

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

GDP Tracker

Meanwhile, BBS plans to launch a digital platform named GDP Tracker as well, much like the SDG Tracker, to receive updated information from stakeholders, sources said.

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

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

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

Last year, the bureau had met with stakeholders and discussed ways to make the quarterly GDP figures available to the public, sources said.

State Minister for Planning Shamsul Alam said, “The National Accounting Wing of BBS is capable of making the quarterly forecasts of our GDP.”

“The quarterly data will play a vital role in understanding, knowing, adopting and taking action regarding the economy. The 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 added.

Alam also said, “At present, Bangladesh publishes a particular year’s report the next year. From now on, we will collect GDP data digitally and publish it quarterly. If the task is digitalised, the report will be available immediately.

“It is already a delayed move because our neighbouring countries such as Malaysia, Indonesia and Thailand publish their GDP data quarterly.”