MDPS Releases Final Estimate of Nominal GDP for 2013

Doha, July 01 (QNA) - The Ministry of Development Planning and Statistics (MDPS) has released the final estimate of nominal GDP for 2013 placing it at QR 734.9 Billion as against the preliminary estimate of QR 739.8 Billion, which shows a minor correction of 0.68%. Correspondingly, the preliminary estimate for 2014 stands revised to QR 764.8 Billion from the earlier estimate of QR 771.0 Billion. The percentage change between 2013 and 2014 is now revised to 4.1% as against the earlier estimate of 4.2%, an MDPS press release said on Wednesday. The Ministry released today the new series of national accounts statistics with base year 2013, in place of the current series with base year 2004. "Periodic changing of the base year of the national accounts is undertaken to take into account the structural changes which have been observed in the economy. The base year is normally expected to be changed every 5 to 10 years. The current series of the national accounts has the base of year 2004." It said that the preliminary estimates of GDP for 2013, both at current and constant prices have been finalized, while the 2014 GDP estimates have been revised. The 2014 numbers are still preliminary and these would be finalized, once the results of Annual Economic Survey for 2014, are received towards the end of this year. The MDPS added that improvements, especially by review and incorporation of new datasets, have resulted in a minor correction in the level of GDP, which is likely to affect a wide range of indicators where it is used as a reference point in terms of their ratios to GDP. (QNA)