We are witnessing an economic contraction

Revised and rebased statistics provide a more accurate picture of the economy.

The latest release of national accounts statistics—which generally refers to data pertaining to the value of economic activities computed using output, expenditure and income-based methods—by the Central Bureau of Statistics (CBS) is a welcome development. The rebased national account statistics, at 2010-11 prices, depicts a more accurate picture of economic activities, particularly the size of the economy and sectoral shifts in value-added economic activities or structural changes.