Necessary approval from the head of the government has already been taken, he adds
Alongside revealing the annual growth statistics, the Bangladesh Bureau of Statistics (BBS) is working to divulge GDP growth statistics on quarterly basis, said Planning Minister MA Mannan on Thursday.
"The work on preparing quarterly growth statistics will start likely from this quarter and we will gradually step into a new system. Alongside this, the existing system of making public the annual statistics will also continue," he said.
The Planning Minister said this while addressing a stakeholder consultation workshop as the chief guest on “Quarterly National Accounts” organized by Bangladesh Bureau of Statistics (BBS) held at its auditorium in the capital.
State Minister for Planning Shamsul Alam spoke on the occasion as the special guest chaired by Statistics and Informatics Division Secretary Muhammad Yamin Chowdhury. BBS Director General Md Tajul Islam also spoke.
Mannan said necessary approval from the head of the government has already been taken for revealing quarterly information on GDP and the BBS would accordingly do that.
He said once the data on quarterly GDP is available, it would also help to know the financial health of the country.
The Planning Minister said that the officials and other staffs of the BBS are capable enough to prepare the growth statistics on quarterly basis as they have necessary skills, experience and wisdom.
He also assured that the Statistics Division and the BBS would get all necessary support including technological and financial ones from the government to carry out such kind of new task.
Mannan also asked the BBS officials to stay in touch with the peers in discharging their duties and responsibilities as the country has cultural similarity with India, Pakistan, Sri Lanka, Nepal, and Myanmar.
State Minister for Planning Shamsul Alam said this is a red letter day for BBS as they are introducing quarterly national accounts for the first time.
He said this quarterly accounts will help the government to prepare for-actions for any kind of economic anomalies. "If GDP falls in a specific quarter or prices rise beyond normal trend, then the government could take measures necessary for restoring the GDP or smoothing the prices through allowing imports in the next quarter."
The State Minister said the BBS can start accounting regional/ district GDP as it will help districts that are less productive and prone to economic vulnerability to be more productive and prosperous by addressing through ADP interventions.
Finally, the data of quarterly accounts of GDP must be available immediately after a quarter ends so that the data use can be fruitful and pertinent for all. If it fails to deliver the data in time, its relevancy will be lost. He added.
The workshop was informed that currently the importance of quarterly GDP is recognized throughout the world while there is also a demand for quarterly GDP from different domestic and international agencies and from users of macroeconomic aggregates.
Against this backdrop, the BBS feels a dire need to estimate quarterly GDP and it is expected that quarterly GDP estimation would be an integral part of regular activities of BBS.