The International Monetary Fund (IMF) has urged Malawi to incorporate value-added tax (VAT) data into its gross domestic product (GDP) calculations, saying there are gaps in the country’s current estimation methods.
In its latest technical report, the IMF said Malawi’s GDP figures are based on a limited sample of businesses, raising concerns about the accuracy of economic data used for policy-making and investment decisions.
Reads the report in part: “National Statistical Office [NSO] relies on financial statements from just 65 manufacturing firms, despite over 800 being registered with the Malawi Revenue Authority.”
In an earlier interview, NSO commissioner of statistics Shelton Kanyanda called for investment in infrastructure and capacity building to enhance public official’s use of data in economic planning and execution.
