The World Bank recently highlighted the strides made in enhancing economic statistics in Pakistan, particularly through the release of quarterly national accounts in November. According to Bank officials, such developments are crucial for informed economic policy decisions, emphasizing the need for accurate and timely data.
The Pakistan Bureau of Statistics (PBS), with support from the World Bank, unveiled these new Quarterly National Accounts (QNA) on November 28, 2023. These accounts, crafted in line with international standards, mark a significant advancement in Pakistan’s macroeconomic statistics program. They cater to the demand for more frequent and updated economic information, facilitating prompt decision-making.
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These quarterly figures, featuring gross value added (GVA) by industry and GDP estimates, furnish insights into short-term economic performance, aiding in forecasting and policy formulation. They allow tracking of industry-specific trends, identification of growth drivers, and early estimation of annual GDP. Additionally, they support economic forecasting models and enable monitoring of business cycles and the impact of economic shocks.
The World Bank provided technical assistance to PBS through collaborative efforts over a 12-month period, culminating in a face-to-face workshop in June 2023. This assistance focused on methodology development, data evaluation, framework design, release strategy formulation, and process documentation. The goal was to ensure sustainable and successful implementation, bolstering Pakistan’s economic data infrastructure.
Furthermore, the initiative aligns Pakistan with the IMF Special Data Dissemination Standard (SDDS), enhancing its access to international capital markets and fostering economic development. Overall, the introduction of QNAs represents a significant milestone in Pakistan’s economic data landscape, enabling evidence-based decision-making and bolstering economic resilience.
