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Philippines Economy News

GDP estimates to adopt 2018 as base year

gdp estimates to adopt 2018 as base year - GDP estimates to adopt 2018 as base year

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THE Philippine Statistics Authority (PSA) will start using 2018 prices as the base for measuring gross domestic product (GDP) starting this year, while including more indices from the production side to improve its process of assessing the economy’s performance.

“Right now the base of the GDP is 2000 and part of the improvement for the measurement is really to rebase it and for 2020 we will rebasing it to year 2018,” National Statistician Dennis S. Mapa said in a news conference in Pasig Thursday.

Mr. Mapa said revised historical data will also be re-issued after the rebasing.

On the production side, he said the PSA will include additional indices, such as education, health and information technology (IT), among others.

“For the additional indices on the production side, on other services, we will be expanding this. We will be adding education, health, so these are some of the factors. I think there will be additional, IT, so we are expanding the various subindices on the production side,” he said.

Meanwhile, National Economic and Development Authority (NEDA) Undersecretary Rosemarie G. Edillon said the government will likely adjust official targets based on the revised base year.

“We will be studying very carefully how we will be adjusting our targets to be in line with the revised base,” Ms. Edillon said in a news conference Thursday.

PSA will conduct briefings for the media ahead of the data release on May 7 to explain the process of rebasing and on how it is expected to affect historical data.

“I cannot say right now the adjustment because it depends on the different components, but once we rebase, we will also be reporting the previous years based on the 2018 base year,” Mr. Mapa said.

PSA will release this year’s first quarter GDP growth estimate on May 7 as well. — Beatrice M. Laforga

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