GDP calculation to cover more areas
Doulot Akter Mala | Monday, 18 August 2008
The government is going to select a new base-year for GDP (gross domestic product) calculation taking into account the contribution of a number of economic activities.
Private universities and English medium schools, clinic, hospitals and diagnostic centres, livestock and poultry, non-profit organisations, satellite channels, religious institutions, package programmes will be included in the new GDP calculation.
The Bangladesh Bureau of Statistics (BBS) is conducting a survey to include the above mentioned activities and their contribution to the national economy.
A high-powered committee of Bangladesh Bureau of Statistics (BBS) is involved in preparing the new base-year of GDP. The survey will be completed within a short time.
The BBS already finalised calculation of some of the sectors to include it in the new GDP base year. Officials expressed their hope that the government will able to give an actual estimate of GDP size in 2009-10 fiscal budget after inclusion of the sectors.
The BBS, earlier, estimated contribution of those economic activities on projection basis, without estimating their actual contribution to national economy.
BBS officials said these activities have so far remained out of government's GDP calculation, as those are not entitled to receive government's fund.
As the government found their contribution to national economy sizeable it felt the necessity to include those in GDP calculation.
The GDP is now estimated taking the fiscal 1995-96 as the base year. During the last 13 years, the government has been giving the GDP estimate taking into account the contributions of some selected sectors.
As per rules, the government was supposed to review the base-year of GDP after every 10 years. For this purpose, the government in 2006 formed a committee, headed by noted economist Wahiduddin Mahmud, to prepare a new base year for GDP calculation.
The BBS official, involved with the process, said contribution of those sectors in national economy has increased significantly over that period.
The GDP size, that is presently Tk 6131 billion, will be increased manifold if those booming sectors are included in it. The government will able to give an actual estimation of GDP size after inclusion of those sectors.
Officials said private schools, hospitals, diagnostic centre, satellite channels, which have expanded in recent years, have created substantial employment opportunities.
GDP is an aggregate measure of the total value of gross output produced within the economic territory of a country in a specified period, before deducting allowance for consumption of fixed capital (CFC) or depreciation, GDP measured by using three approaches---Production, Expenditure and Income.
The government has set the GDP estimate at Tk 6131 billion for the fiscal 2008-09, up by Tk 828 billion from fiscal 2007-08. The size of GDP of the outgoing fiscal was Tk 5303 billion, which was Tk 4675 billion in 2006-07.
In the current fiscal, the government estimates 6.5 per cent growth on the basis of recent macro-economic indicators, which was 6.2 per cent in 2007-08.
Private universities and English medium schools, clinic, hospitals and diagnostic centres, livestock and poultry, non-profit organisations, satellite channels, religious institutions, package programmes will be included in the new GDP calculation.
The Bangladesh Bureau of Statistics (BBS) is conducting a survey to include the above mentioned activities and their contribution to the national economy.
A high-powered committee of Bangladesh Bureau of Statistics (BBS) is involved in preparing the new base-year of GDP. The survey will be completed within a short time.
The BBS already finalised calculation of some of the sectors to include it in the new GDP base year. Officials expressed their hope that the government will able to give an actual estimate of GDP size in 2009-10 fiscal budget after inclusion of the sectors.
The BBS, earlier, estimated contribution of those economic activities on projection basis, without estimating their actual contribution to national economy.
BBS officials said these activities have so far remained out of government's GDP calculation, as those are not entitled to receive government's fund.
As the government found their contribution to national economy sizeable it felt the necessity to include those in GDP calculation.
The GDP is now estimated taking the fiscal 1995-96 as the base year. During the last 13 years, the government has been giving the GDP estimate taking into account the contributions of some selected sectors.
As per rules, the government was supposed to review the base-year of GDP after every 10 years. For this purpose, the government in 2006 formed a committee, headed by noted economist Wahiduddin Mahmud, to prepare a new base year for GDP calculation.
The BBS official, involved with the process, said contribution of those sectors in national economy has increased significantly over that period.
The GDP size, that is presently Tk 6131 billion, will be increased manifold if those booming sectors are included in it. The government will able to give an actual estimation of GDP size after inclusion of those sectors.
Officials said private schools, hospitals, diagnostic centre, satellite channels, which have expanded in recent years, have created substantial employment opportunities.
GDP is an aggregate measure of the total value of gross output produced within the economic territory of a country in a specified period, before deducting allowance for consumption of fixed capital (CFC) or depreciation, GDP measured by using three approaches---Production, Expenditure and Income.
The government has set the GDP estimate at Tk 6131 billion for the fiscal 2008-09, up by Tk 828 billion from fiscal 2007-08. The size of GDP of the outgoing fiscal was Tk 5303 billion, which was Tk 4675 billion in 2006-07.
In the current fiscal, the government estimates 6.5 per cent growth on the basis of recent macro-economic indicators, which was 6.2 per cent in 2007-08.