China revised its GDP growth in 2004, 2008, 2013 and 2015, with the two latest revisions having added US$305 and US$141 billion to the existing statistics.
In the 2013 – 2014 period, after being revised, Russia’s GDP expanded an extra 24.3%, the economies of Rumania and Croatia enlarged 28.4%, Germany's 3%, Italy's 7% after their respective GDP calculation was reviewed.
In July 2013, the US revised its GDP growth of the previous year and added US$506 billion to its economy.
Lam added this was not the first time the GSO revises the GDP calculation. His agency in 2013 revised the GDP in the 2008 – 2012 period. Six years ago, the revision only focused on certain sectors such as banking, finance, insurance and real estate, Lam stated, noting this time the GSO would include all economic groups in the economy, except the illegal and shadow economies, due to the lack of data.
According to the GSO, the revision would help better reflect the size and potential of the economy, while enhancing the country’s economic status in the region and on global scale.
More importantly, a more accurate GDP growth rate is essential for Vietnam to draft its development strategy in the next decade, including specific targets for the 2021 – 2025 period.
The GSP pointed to five factors leading to a change in Vietnam’s GDP growth rate, including additional information from the latest general survey, additional information from administrative documents, updating new methodology regarding the national account system in 2008, updating national accounts leading to an increase in GDP growth, and updating economic industries.