GDP rebased to 2003 prices
27 Apr 2011, 5:30 PM
The base period for measuring real Gross Domestic Product (GDP) or national productivity of the Maldives has been updated from 1995 to 2003, the Department of National Planning revealed this week.
Real GDP is an inflation-adjusted measure that reflects the value of goods and services produced within a country in a given year expressed in base-year prices.
“Changing the base period to a more recent year improves the accuracy of GDP estimates,” reads a press statement by the department. “Internationally, regularly changing the base period is encouraged. In most countries GDP is rebased once every five or ten years. Maldives’ GDP has been rebased after an eight year period.”
With the change in the base period, real GDP in 2011 is now calculated at Rf21,123 million while GDP per capita rises to Rf4,061, an increase of Rf1,217 from previous estimates.
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