June 28, 2013 (LBO) – Sri Lanka is improving methods of compiling economic statistics but it was ‘grossly groundless’ to suggest that inflation is understated and gross domestic product overstated, the Central Bank said.
The full statement is reproduced below:-
A Clarification on Certain Media Reports on the Credibility of Statistics Published in the Central Bank Annual Report 2012
The Central Bank of Sri Lanka (CBSL) would like to state the following with regard
to the claims made in certain newspaper articles published recently.
These articles in question dwell on an unfounded argument based on
unsubstantiated claims to the effect that the statistics reported in the CBSL Annual
Report on Gross Domestic Product (GDP) and inflation are questionable. These news
articles attempted to state that the GDP growth of 6.4 per cent for 2012, as published
in the CBSL Annual Report 2012, is overstated, while also claiming that the reputed
economists and institutions estimate it to be lower, i.e., less than 6 per cent in 2012.
The CBSL opines that this assertion is grossly groundless and in fact misleading the
general reader, as described in the following.
A well-known fact about projec