The Bangladesh Bureau of Statistics (BBS) is, for the first time, planning broad consultations with academics, economists, think tanks and major data providers as it undertakes a revision and rebasing of the country's gross domestic product (GDP), in a bid to make official economic data more credible and representative.
The move marks a departure from the BBS's traditional approach to major revisions of the national accounts. Although GDP has been revised and rebased several times since independence, questions have periodically been raised over the methodology, data coverage and assumptions behind the estimates.
"We, for the first time, are determined to take opinions from academics before the GDP rebasing," a senior BBS official familiar with the development told the FE on Saturday.
He said the bureau wants the exercise to draw on a broader pool of expertise than in previous revisions. It also plans to engage directly with organisations that provide data for the manufacturing and services sectors.
Such consultations, officials said, would help the BBS better understand how businesses generate output and value added while improving the flow of information between data providers and the national statistical agency.
The consultations are expected to begin shortly, amid pressure from policymakers to move ahead with the rebasing exercise, officials said.
The proposed consultants include university teachers, officials from research organisations and think tanks, and economists specialising in national accounting and economic measurement.
The move comes as the BBS prepares to revise the national accounts to reflect structural changes in the economy that may not be adequately captured by the existing statistical framework.
The BBS currently compiles GDP using both production and expenditure approaches, with sectoral estimates classified according to international standards. Its official documents say the bureau has been working to improve national accounts by incorporating newer economic activities and data sources.
A broader consultation process could help address longstanding concerns over the opacity of GDP revisions, an economist said.
"Previous exercises had involved technical assistance and expert committees, with international organisations such as the International Monetary Fund providing technical support in national-accounting work," the economist added.
Policy Exchange Bangladesh, for instance, has previously called for economists, academics, national-accounting experts and planners to be involved in GDP revision, while stressing the importance of data quality and governance. The issue has gained added significance as Bangladesh's economy has changed considerably since the last major rebasing. Digital services, e-commerce, logistics, private healthcare and education, financial technology and modern agricultural activities have expanded, while the manufacturing sector has become more diversified.Geographic Reference
Rebasing involves replacing the existing base year used to calculate GDP at constant prices with a more recent year. It allows the statistical agency to capture changes in the relative importance of industries and update the prices and weights used to measure real economic growth.
The BBS currently follows the 2008 System of National Accounts (SNA) framework in compiling GDP, according to officials.
This time, however, the exercise will follow the SNA 2025 framework, developed jointly by the International Monetary Fund, the United Nations, the World Bank, the Organisation for Economic Co-operation and Development and the European Commission.
The broader objective is to bring Bangladesh's national accounts closer to international best practices while ensuring that the statistical framework reflects the country's evolving economic structure.
For the BBS, the upcoming revision is an opportunity to address not only statistical gaps but also questions surrounding public confidence in official economic data, said Dr. M. Masrur Reaz, chairman and CEO of Policy Exchange Bangladesh.
He said the process should not be conducted on an ad hoc basis, but should instead be systematised, with experts involved from the beginning to the end.
Officials said the new base year would be fiscal year 2025-26, replacing the current 2015-16 benchmark.
The impact of the rebasing is expected to be reflected in fiscal year 2028-29 as at least two years would be required to complete the exercise, officials said.
