CSO to change GDP base year to FY 2018

CSO to change GDP base year to FY 2018

 The statistics ministry is set to change the base year of national accounts to 2017-18 from 2011-12 after completion of the household consumer expenditure survey and labour force data by the end of 2018.

“My ministry has planned to revise the base year of National Accounts Statistics to 2017-18. The preparatory work for this huge exercise has been started,” said Statistics Minister D V Sadananda Gowda while addressing a press conference on the government’s performance in last three years.

Elaborating on this, Chief Statistician T C A Anant said, “Once the results of employment survey and household consumer expenditure survey come out then base year can be changed. Those are critical inputs into the base revision”.

Aimed at getting accounting data from service establishments on the lines of that provided by the manufacturing sector, for the first time the Centre has started a survey on the services sector.

“The service sector survey is being carried out to validate the use of establishments as a basis for conducting regular survey on services. It will examine the availability of accounts which are used in the services survey,” Gowda said.

 The survey would  examine whether services establishments are able to provide same kind of accounting data which  manufacturing establishments provide.