The World Bank has lauded Pakistan’s recent release of its quarterly national accounts in November as a significant milestone in the nation’s economic statistics. However, the Bank notes that ongoing projects aim to further enhance data accuracy and expand economic reporting capabilities.
In a recent blog post, World Bank officials highlighted the importance of accurate and timely data for effective economic policy and decision-making. To support this goal, the Pakistan Bureau of Statistics (PBS), with backing from the World Bank, launched new Quarterly National Accounts (QNA) on November 28, 2023.
These quarterly data, developed according to international standards from the System of National Accounts, meet the increasing demand for more frequent and up-to-date economic information. The release includes quarterly estimates of gross value added (GVA) by industry and quarterly GDP in both current and constant prices.
One of the primary advantages of these QNAs is their capacity to monitor industry performance, pinpoint major contributors to economic growth, and provide early estimates of annual GDP, which are essential for forecasting and policy planning.
The World Bank played a crucial role in this initiative through technical assistance from the Economic, Debt, and Price Data Unit (DECED) of the Bank’s Development Economics Data Group (DECDG) and the Poverty and Equity Global Practice. This collaboration led to the development of a robust methodology, data evaluation, measurement framework, release strategy, and implementation plan.
This effort not only enhances the quality of Pakistan’s economic data but also aligns the country with the IMF Special Data Dissemination Standard (SDDS), improving its access to international capital markets and fostering economic development.
The introduction of these new quarterly economic statistics represents a significant leap forward for Pakistan’s macroeconomic data landscape, paving the way for more informed decision-making in both the public and private sectors.