Friday, 31 July 2020 17:40

CB says no update to its macroeconomic projections released to public

The Central Bank says it has not released to the public any update to its macroeconomic projections since the publication of the Annual Report in April 2020.

Given the conditions of uncertainty created by the COVID-19 pandemic, frequent updates to macroeconomic projections are required, and the CB has continued to monitor standard indicators of economic activity as they become available.

It has been using unconventional indicators as well on a real time basis in its analysis and policy guidance, CB in a media release said.

However, a key input required for a broad-based revision of macroeconomic projections of the CB constitutes the estimates of Gross Domestic Product (GDP) for the first quarter of 2020, to be published by the Department of Census and Statistics.

Once these estimates become available, the CB will publish its revised macroeconomic projections.

As such, the Central Bank categorically states that media reports about the CBSL projecting a sizable contraction in GDP and a large expansion in the fiscal deficit for 2020 are totally false, and intended to mislead the public.

(LIN)

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