Improving GDP calculation national priority: Deputy Minister of Planning

CAIRO – 3 March 2021: Improving the process of calculating the gross domestic product (GDP) is a national priority, Deputy Minister of Planning and Economic Development Ahmed Kamali said.

Kamali clarified the importance of having accurate data, available regularly and not late so that decision-makers can take correct evidence-based policies.

This came during a video interview between , Deputy Minister of Planning and Economic Development, Ahmed Kamali, and Bloomberg.

He referred to the importance of national accounts data in determining the state's economic situation.

Kamali explained that the Egyptian state and the Ministry, as the ministry responsible for issuing national accounts data, are interested in accurately and continuously updating these data.

Deputy Minister noted that the ministry’s new website was launched nearly seven months ago, and for the first time in Egypt, national data is made available in its details and time series.

Kamali added that any researcher or investor can benefit from these data easily, pointing out that the national accounts data, including economic growth, give a true picture of the economic situation in Egypt.

"Through the time series, the investor can track the economic system in Egypt now and compare it with the previous situation." He said.

The Deputy Minister of Planning and Economic Development added that there are estimates of the volume of production in all countries of the world, referring to the ministry’s cooperation with many international institutions and with The Sovereign Fund of Egypt (TSFE) as well to estimate the size of the informal economy in Egypt.

Kamali explained that all types of economies have an informal economy, pointing to the increase in the size of the informal economy in emerging economies.