Central Bank says economic data accurate; rejects media reports on ‘dubious data’
View(s):Sri Lanka’s Central Bank (CB) has strongly rejected accusations of dubious data and statistics on growth and inflation saying these claims “seem to be made to achieve politically motivated agendas”.
In a statement on Tuesday, the CB assured all stakeholders that all necessary efforts are being taken to “ensure high quality data dissemination”, and accordingly advises the public not to be misled by such reports and claims that seem to be made to achieve politically motivated agendas.
The regulator was alluding to several reports initially based on a purported statement by a disgruntled Department of Census and Statistics (DCS) who said he had been asked to alter some data on economic growth. The officer’s claim was conveyed to parliament by JVP MP Anura Kumara Dissanayake triggering a chain of events on ‘doctored data’ including a statement from the Ceylon Chamber of Commerce asking the Government to clarify this position, The DCS Director General has also rubbished the claim.
A recent Business Times poll asking whether the public believed the data showed that a majority of the respondents disbelieved the data.
The CB said recent persons quoted in media reports questioning the data were allegations that are unfounded and baseless, and that the writers have distorted the recommendations of the IMF, and used its statements largely out of context.
It pointed out that Sri Lanka currently follows the General Data Dissemination System (GDDS) of the IMF, and has been a participant in the GDDS since July 2000. The Central Bank and the Department of Census and Statistics (DCS) continue to submit country information/data as per the requirements under Article IV to the IMF.
The IMF has been consistently using these data for their publications and reports, thereby indicating their confidence and reliance on the data compilation and the submitted information.
“… some articles have quoted the IMF staff report published in April 2013, upon completion of the Article IV Consultation Mission. As is well known, Article IV consultation missions, in general, discuss matters relating to data in member countries, and almost always, propose recommendations for further improvements in every country. Therefore, the recommendations proposed for Sri Lanka, are progressive measures which would assist the country to further improve its compilation of national account statistics, and are not in any way a suggestion that the current methodology cannot be relied upon. At the same time, Sri Lanka too, on its own, has undertaken wide ranging initiatives to further improve the compilation of its national statistics,” the statement added
The CB said the comments cited in those articles, have been taken out of context in order to support an incorrect conclusion that the current status of data compilation in the country is unsatisfactory and unreliable. It is a mischievous attempt to distract from the progress made in the country’s economy, which is supported by existing data, the Bank said.
It said the DCS has launched an Economic Census in 2013, and follow-up establishment surveys are planned in 2014. These surveys aim to address any national accounts source data gaps, in the short to medium term, the statement added.
“The Central Bank reiterates that the news articles in question have been written, either in ignorance of the current developments taking place in Sri Lanka to enhance the compilation of national accounts statistics, or with the malicious intention of tarnishing the image of the DCS and the Central Bank,” it said.