RIYADH: Saudi Arabia has become the first country in the Gulf Cooperation Council region to have adopted the moving chain methodology for the calculation of its real domestic product, the state-run news agency reported.
The report said the General Authority for Statistics will issue its bulletin for the fourth quarter of 2023 and the annual edition for the same year using the new methodology instead of using fixed-base year approach.
The new system is much more dynamic in measuring economic growth rate and uses the weights and prices of the year preceding the year of measurement. It helps provide a measurement within contiguous time periods and accurately reflects current economic conditions.
The moving chain methodology takes into account the impact of price changes and is flexible in dealing with economic activities and continuously updates the figures.
It also considers the structure of production and consumption patterns and allows for clearer international comparisons.
The GDP bulletin is one of the publications issued by GASTAT on a quarterly and an annual basis.
Additionally, the bulletin also sheds light on modern annual economic indicators such as GDP growth rates, the relative contributions of economic activities.
It also includes several analytical tables that highlight the paths of the national economy.
National accounts bulletins contribute to meeting the requirements of the Kingdom’s Vision 2030 and regional requirements for knowing the reality of the national economy including the GCC Statistical Center, the Arab Monetary Fund, and the League of Arab States.
They also contribute to international requirements including those delineated by the World Bank, the IMF, and the Organization for Economic Co-operation and Development.
