Revising GDP Calculations

The upcoming changes to the calculation of GDP numbers will involve updating the base year from 2011-12 to 2022, which is crucial for accurately reflecting economic growth. This shift aims to remove outdated assumptions that diminish the value of rapidly growing sectors, particularly services, by aligning calculations with the current economic landscape. The government has also addressed issues with other key statistics impacted by the base year change, including inflation and factory output. If these updates are implemented properly, they could provide policymakers and investors with a more accurate understanding of the economy, though concerns regarding the methodology and reliance on outdated data remain critical.