ECONOMY
Globally-accepted COICOP 2018 to guide govt’s new GDP overhaul exercise
- IBJ Bureau
- Dec 17, 2025
The new Gross Domestic Product (GDP) series is set for a major overhaul, with the government proposing various changes. The changes include adoption of the Classification of Individual Consumption according to Purpose (COICOP) 2018 for compilation of private final consumption expenditure.
The Ministry of Statistics and Programme Implementation (MoSPI) has released the second discussion paper, proposing methodological refinements for compiling GDP from the expenditure approach, as the country prepares to shift to a new base year of 2022-23. The first discussion paper on changes in compilation of aggregates based on production and income approaches was released on November 21.
The new national accounts series, set for official release on February 2027 aims to better capture the evolving structure of the economy and for greater accuracy and international comparability.
With the adoption of COICOP 2018, tailoring, for instance, will be included in the clothing and footwear division; power sockets and wiring flex will be included in the housing, water, electricity, gas and other fuels division.
“COICOP is an internationally-recognised standard developed by the United Nations Statistics Division to categorise household consumption expenditures based on their functional purpose. The adoption of COICOP enhances comparability as well as analytical usefulness. The 2011-12 series is based on COICOP 1999, which was the latest at the time of last base revision,” the discussion paper states.
Report By
View Reporter News