Background

Given the acute economic shock caused by the COVID-19 pandemic in 2020, it is recommended that countries choose an alternative year to produce GDP benchmarks. Furthermore, it is not advisable to use 2020 as the base year for fixed-weighted estimates of GDP in constant prices.

This guidance note focuses on outlining key considerations for choosing a benchmark and base year in national accounts. It provides guidance on how to check whether a particular year is a suitable candidate for benchmarking and rebasing. These considerations go beyond GDP and briefly discuss the source data used in the compilation of national accounts during a benchmark year.

Based on this background, MEFMI will conduct a virtual seminar on benchmarking and rebasing national accounts.

Objectives

The objective of this course is to enhance knowledge of the participants on benchmarking and rebasing national accounts.

Course Content

The seminar will cover the following:

• i. Module 1: Conceptual Framework of the BOP/IIP;
• ii. Module 2: Classification and coverage of the Current and Capital Accounts;
• iii. Module 3: Classification and coverage of the Financial Accounts;
• iv. Module 4: Analysis and use of the BOP/IIP and relationship with other Macroeconomic Accounts; and
• v. Module 5: External Statistics under covid-19.

Target Group

This seminar targets junior to middle level staff involved in BOP/IIP compilation and analysis from Central Banks, Statistics Offices and Ministries of Finance and Planning.