National Accounts Statistics - 2026 Publication

Key Highlights:

• The Ministry of Statistics and Programme Implementation (MoSPI) has released the "National Accounts Statistics – 2026" publication.
• The publication adopts 2022-23 as the new base year for national accounts estimates.
• It incorporates new series of Producer Price Index (PPI), Index of Industrial Production (IIP), and Banking Services Price Index (BkSPI), all with base year 2022-23.
• These updated indicators have led to revisions in annual and quarterly Gross Domestic Product (GDP) estimates from 2022-23 onwards.
• The publication provides comprehensive estimates of national income, production, expenditure, and other key macroeconomic aggregates.

Detailed Insights:

• The updated indicators feature expanded commodity baskets, updated weights, and methodological alignment with international standards.
• PPI replaces the Wholesale Price Index (WPI) in several estimations, offering improved mapping of price measures to economic activities.
• The new IIP has broader item coverage and uses PPI as an underlying input, impacting sectors like Mining & Quarrying.
• BkSPI enables better compilation of growth in actual physical volume and transactional activity of banking services over time.
• Revisions in Gross Value Added (GVA) at constant prices are more visible in sectors where PPI is used, while current price revisions are linked to updated General Government estimates.
• The publication also includes updated Supply and Use Tables (SUTs) for 2022-23 and 2023-24.
• These statistics serve as a crucial source of information for policymakers, researchers, and analysts to assess economic performance.

Key Concepts Involved:

• National Accounts Statistics (NAS): A comprehensive publication providing detailed estimates of a nation's economic activity, including GDP, income, and expenditure.
• Producer Price Index (PPI): Measures the average change over time in the selling prices received by domestic producers for their output.
• Index of Industrial Production (IIP): An index that measures the changes in the volume of production of industrial products in an economy.
• Supply and Use Tables (SUTs): Detailed matrices showing the supply of goods and services by domestic industries and imports, and their use by industries and final consumers.