The Department of Census and Statistics recently provided clarification with regards to the difficulty in estimating the national accounts due to the COVID-19 pandemic.
The note states, it was a very unusual situation for the Department and we needed to pay special attention to these matters in estimating the National Accounts properly for the second quarter and for the other quarters/years until the effect of COVID-19 pandemic is over.’
The department was able to resume operations in Mid-June due to the quick lifting of lockdown due to the effective containment of the first wave of the COVID-19 virus. They sampled 18,000 enterprises through the use of a quick survey.
The survey showed high contractions in Agriculture, Industry, and Services in the months of April and May.
The survey notes: “for large scale establishments, the total output of ‘Manufacturing (23%)’, ‘Electricity Generation and Supply (33%)’, ‘Construction (23%)’, ‘Wholesale and retail trade (29%)’ and ‘Accommodation and food service activities (78%)’ have dropped drastically during the second quarter of 2020.”
To maintain the accuracy of national accounts the department will look to compile more estimates with additional information.
The department’s operations will be hampered by the second wave. The statement concludes ‘With all these constraints, the DCS tries it’s best to release the National Accounts Estimates as planned.’
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