Govt to improve GDP data accuracy

Jiji Press TOKYO (Jiji Press) — The government on Tuesday adopted a reviewed basic policy on official statistics, including a plan to improve the accuracy of gross domestic product data.

Under the policy, the government will reflect data on corporate activities in revised GDP data earlier, in order to enhance the accuracy of preliminary GDP figures. The nation reviews its basic statistics policy every five years in principle.

The Cabinet Office releases GDP data, a measure of a country’s output, on a quarterly basis. Preliminary figures have often been revised steeply, raising concerns about possible negative effects on government policy decisions.

The gaps mainly result from the use of capital spending and some other data obtained from the Finance Ministry’s quarterly corporate activity surveys in revised GDP data, which are usually published a month after preliminary data. The corporate activity survey reports become available after the announcements of preliminary GDP data.Speech

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