Mr. Wirat Wattanasiritham, Secretary-General fo Office of the National Economic and Social Development Board (NESDB), gave a statement on February 15, 1999, regarding the Quarterly Gross Domestic Product after attending the NESDB Committee's meeting at Dej Sanitwongse Room, NESDB.
He stated that the NESDB Committee acknowledged the quarterly GDP report prepared by NESDB and the Bank of Thailand since 1996. The preparation took the aim to bring the gross domestic product system upto the international standard of the International Accounts System and the Special Data Dissemination Standard (SDDS), of the International Monetary Fund (IMF).
The Secretary-General explained that, the quarterly GDP was the most crucial statistic indicating actual volumes and changes in macro-economic activities. It was particularly useful for studying and tracking short-term economic situations needed for a valid and timely decision-making on economic activities. The quarterly GDP process was partly different from the conventional accouting system. Unlike the annual one, the calculation of some categories in the quarterly GDP was made by adjusting the indicators. Meanwhile, its classification process also followed the new 1993 National Accounts System.
However, what was in common was that they both consisted of the same gross categories. In order to maximize the benefit to the user, NESDB tried to gather the data back in the past as far as possible, which could get to the first quarter of the year 1993. The GDP was formulated from two approaches, production approach and expenditure approach. The production approach comprised various production categories, such s agriculture, industry, commerce and transportation. The expenditure or aggregate demand approach consisted of household expenditure, government expenditure, investment, export and import. the value of each category was calculated in terms of both current price and constant price, and adjusted by the seasonal index.
The Secretary-General gave an opinion that the most important hindrance to Thailand's quarterly GDP was the its publication was usually two-quarter late. This was relatively later than the SDDS of IMF, and also other countries in this region. The reason was that the basic data reported from the concerned agencies were not on time. To this regard, NESDB would attempt to coordinate with the concerned agencies to ensure the timeliness and the quality of the quarterly GDP to meet the international standard. NESDB would, in collaboration with the concerned agencies, formulate a plant to streamline the data processing, which covered short-term data and basic data, to be used for socioeconomic planning and for the early warning of all possible contingencies.
Moreover, Mrs. Tanya Sirivedhin, Deputy Governor of Bank of Thailand, percieved the importance of the quarterly GDP by pointing out that, conventionally, the formulation of economic and financial policy was not based on short-term macro-economic data, but on the GDP of the previous year, together with such indicators as, the industrial production indicator, the investment indicator, and the credit lines. These data were not complete enough. With quarterly GDP, we could see all parts of the economy, comprising all the production segments including the service segment, in each category. Based on a clearer picture, the economic policy would be more efficiently disigned.
Mr. Sansern Wongcha-Um, Deputy Secretary-General of NESDB, added that NESDB had held a public hearing among the concerned agencies to improve the quarterly GDP process and tto develop the information system of each agency, for the reason that the correct data was the core of the precise projection.
For those who are interested in the quarterly GDP, the data are available on the last day of every quarter in NESDB web site; www.nesdb.go.th. The Quarterly GDP subject contains four main items; the data analysis, the data processing definition, the statistic tables and the data processing quideline. The data could also be obtained in the form of documents at the National Accounts Division, 21th floor, Phaya Thai Plaza, Phaya Thai Road, Tel. 216-5430-34, Fax 216-5425.
--Development News Bulletin, National Economic and Social Development Board, Volume 14, No. 2 : February 1999--
He stated that the NESDB Committee acknowledged the quarterly GDP report prepared by NESDB and the Bank of Thailand since 1996. The preparation took the aim to bring the gross domestic product system upto the international standard of the International Accounts System and the Special Data Dissemination Standard (SDDS), of the International Monetary Fund (IMF).
The Secretary-General explained that, the quarterly GDP was the most crucial statistic indicating actual volumes and changes in macro-economic activities. It was particularly useful for studying and tracking short-term economic situations needed for a valid and timely decision-making on economic activities. The quarterly GDP process was partly different from the conventional accouting system. Unlike the annual one, the calculation of some categories in the quarterly GDP was made by adjusting the indicators. Meanwhile, its classification process also followed the new 1993 National Accounts System.
However, what was in common was that they both consisted of the same gross categories. In order to maximize the benefit to the user, NESDB tried to gather the data back in the past as far as possible, which could get to the first quarter of the year 1993. The GDP was formulated from two approaches, production approach and expenditure approach. The production approach comprised various production categories, such s agriculture, industry, commerce and transportation. The expenditure or aggregate demand approach consisted of household expenditure, government expenditure, investment, export and import. the value of each category was calculated in terms of both current price and constant price, and adjusted by the seasonal index.
The Secretary-General gave an opinion that the most important hindrance to Thailand's quarterly GDP was the its publication was usually two-quarter late. This was relatively later than the SDDS of IMF, and also other countries in this region. The reason was that the basic data reported from the concerned agencies were not on time. To this regard, NESDB would attempt to coordinate with the concerned agencies to ensure the timeliness and the quality of the quarterly GDP to meet the international standard. NESDB would, in collaboration with the concerned agencies, formulate a plant to streamline the data processing, which covered short-term data and basic data, to be used for socioeconomic planning and for the early warning of all possible contingencies.
Moreover, Mrs. Tanya Sirivedhin, Deputy Governor of Bank of Thailand, percieved the importance of the quarterly GDP by pointing out that, conventionally, the formulation of economic and financial policy was not based on short-term macro-economic data, but on the GDP of the previous year, together with such indicators as, the industrial production indicator, the investment indicator, and the credit lines. These data were not complete enough. With quarterly GDP, we could see all parts of the economy, comprising all the production segments including the service segment, in each category. Based on a clearer picture, the economic policy would be more efficiently disigned.
Mr. Sansern Wongcha-Um, Deputy Secretary-General of NESDB, added that NESDB had held a public hearing among the concerned agencies to improve the quarterly GDP process and tto develop the information system of each agency, for the reason that the correct data was the core of the precise projection.
For those who are interested in the quarterly GDP, the data are available on the last day of every quarter in NESDB web site; www.nesdb.go.th. The Quarterly GDP subject contains four main items; the data analysis, the data processing definition, the statistic tables and the data processing quideline. The data could also be obtained in the form of documents at the National Accounts Division, 21th floor, Phaya Thai Plaza, Phaya Thai Road, Tel. 216-5430-34, Fax 216-5425.
--Development News Bulletin, National Economic and Social Development Board, Volume 14, No. 2 : February 1999--