Government Approves National Accounts Rebasing to 2025-26

Islamabad – (Special Correspondent / Web Desk) – After a decade-long gap, the government has approved updating Pakistan’s National Accounts base year from 2015-16 to 2025-26, aiming to more accurately reflect new and closed businesses in GDP calculations, The News reported.

The project’s cost has been revised to Rs 903.4 million from the earlier Rs 608 million after adding 12 more surveys, including studies covering small and medium enterprises (SMEs) for more precise GDP estimates. Previously, Pakistan had rebased its national accounts from 2005-06 to 2015-16, and now the country is moving forward with the 2025-26 rebasing.

The updated project will improve GDP estimates, including Gross Fixed Capital Formation (GFCF) and overall expenditure, by expanding coverage and filling data gaps. It will measure the contributions of all economic sectors and sub-sectors to the national economy, both in terms of GDP size and GFCF volume.

The ratios and growth rates used for GDP calculations will be reviewed and updated, and the implementation of the System of National Accounts 2008 will be strengthened. A Producer Price Index (PPI) will also be introduced to enhance the country’s statistical framework.

The base year for National Accounts is revised every ten years to include new businesses, exclude closed ones, and reflect the growth or contraction of existing businesses. Originally, 46 surveys and studies were planned at a cost of Rs 607.911 million, but under the revised plan, the Pakistan Bureau of Statistics (PBS) will now conduct 52 surveys.

The project aims to rebase National Accounts and price statistics to 2025-26, improve GDP estimates, expand coverage, introduce new indices (such as PPI and Natural Capital Account), update methodologies, strengthen PBS capacity, and conduct a feasibility study to establish a Statistical Research and Training Institute.

The project revision has been proposed to incorporate the Survey/Census of SMEs as per the Prime Minister’s directive.

The new base year for the National Accounts offers several advantages: firstly, sectors are added or deleted every ten years to better reflect relevant ratios impacting the economy; secondly, it enables evaluation of GFCF to determine sector-wise investment; and lastly, it introduces the Producer Price Index.

The project will conduct studies and surveys throughout the country. It will stimulate research activities in the field of national accounts and price statistics for the adoption of a robust statistical system through the collection, compilation, and cross-checking of data available from regular sources.

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It will improve the methodology for estimating macro variables, specifically in agriculture, industry, energy, construction, and services sectors within the macroeconomic framework.

Deflators and input-output ratios will be updated. This information will provide a sound basis for better micro and macro decisions by the government, business community, and general public, along with the development of a linkage between natural capital and economic growth.