June 28, 2018 (LBO) – Sri Lanka’s Central Bank says allegations that the Central Bank is involved in manipulating Gross Domestic Product (GDP) estimates are totally unfounded.
Central Bank issuing a statement said the sole responsibility of compiling GDP estimates is vested with the Department of Census and Statistics (DCS) since 2007.
“However, the Central Bank of Sri Lanka (CBSL)has observed media statements by interested parties, in relation to the involvement of CBSL in manipulating GDP estimates of the country, misleading the general public,”
GDP estimates were compiled and disseminated by both CBSL and the DCS until 2006.
“Considering the importance of entrusting the role of data compilation with an independent authority, CBSL discontinued the compilation of GDP estimates since 2007 allowing the responsibility of compiling GDP estimates to be vested solely with the DCS.”
In addition to compiling GDP estimates, DCS holds the responsibility of compiling statistics on consumer prices, labour force, poverty following internationally accepted methodologies to support evidence-based policymaking.
Central Bank remains a key user of such estimates for economic analysis and monetary policy formulation purposes.