It was refreshing to see the letter by Chief Statistician Mr. Lennox Benjamin `Challenge of country’s growth estimate was undertaken without single reference to the economy’s sectoral sources of expansion’ (Stabroek News, May 4, 2014). Mr. Benjamin was responding to a letter in the Stabroek News of April 26, 2014 “challeng[ing] the Minister to illustrate to the nation how he arrived at the 5 per cent GDP growth rate reported in his 2014 Budget Speech”. In support of their conclusion “that the 5 per cent growth rate was an act of economic illusion”, the writers of the first letter drew attention to an overall balance of payments deficit of US$119.5 million compared to a surplus of US$32.9 million in 2012.
In his response Mr. Benjamin states that if the writers have doubts on the figures, they must say what the numbers should be. Mr. Benjamin is confusing the duty of the Stats Bureau to produce accurate and timely information with the right of the public to question the information and to ask for explanations. For example, the Stats Bureau reported an inflation rate of 0.9% in 2013, which as Mr. Benjamin knows is not a national inflation rate but an Urban Consumer Price Index for Georgetown only. The so-called inflation rate of 0.9% for 2013 not only defies all logic but is inconsistent with and unsupported by the several different specific and complementary measures and indicators to which Mr. Benjamin himself refers.
Continue reading “Stats Bureau should be doing far more to explain questionable GDP numbers”

