Cabinet approval has been granted to replace the current year 2010 with the year 2015 as the new base year in the preparation of national accounts.
The statement issued by the Cabinet Office in this regard is as follows.
The Department of Census and Statistics updates the base year of National Accounts Estimation every 05 years taking into account the correct identification of the real structure of the economy, more accurate estimation of economic growth rates, and compliance with new recommendations and methods put forward by relevant international bodies on national accounts.
Accordingly, it has been decided to apply the year 2015 as the new base year instead of the year 2010 which is currently the base for the preparation of national accounts.
The Department of Census and Statistics has prepared quarterly and annual National Accounts Estimates for the year 2015 to 2021 using 2015 as the base year.
It was decided to approve the proposal made by the Hon. Prime Minister in his capacity as the Minister of Finance, Economic Stabilization and National Policies, to publish these reports and to issue National Accounts Estimates under the New Foundation Year 2015 from the first quarter of 2022 onwards.