UAE Hosts IMF Workshop on Inflation Calculation and CPI Accuracy

The Federal Competitiveness and Statistics Centre (FCSC) hosted an expert technical mission from the International Monetary Fund (IMF).

This mission conducted an advanced workshop dedicated to the application of the latest international practices and technologies in calculating inflation rates and the Consumer Price Index (CPI).

Leading experts in inflation statistics and CPI from UAE's statistical centers convened to integrate advanced statistical tools and scanner data, aiming to enhance accuracy and timeliness of national statistics. Emphasizing international cooperation, the Federal Competitiveness and Statistics Centre aims to innovate methodologies and leverage technology to maintain global competitiveness in statistical outputs.

Mohammad Hassan, Executive Director of Statistics and Data Science at the Federal Competitiveness and Statistics Centre, said,

“Our successful partnership with the International Monetary Fund underscores our unwavering commitment to establishing a world-class statistical system. By leveraging global expertise and applying top standards and practices, we aim to enhance the efficiency and capabilities of the UAE's national statistical system. Additionally, we embrace the latest technologies in data science and artificial intelligence to produce unified Emirati statistics that align with the visionary leadership and strategic goals of the country.”

Fayeqa Abdulla, Director of Economic Statistics at the Federal Competitiveness and Statistics Centre, highlighted the importance of continuously investing in developing statistical capabilities to keep pace with global advancements in utilising modern techniques in data science for collecting, analysing, and producing official statistics in the UAE, in collaboration with local statistical centres.

The workshop, following a national event by FCSC, collaborates with IMF, UNCTAD, and OECD to enhance trade-in-services measurement. UAE seeks partnerships for digital transformation, aiming to apply global data standards and improve statistical methods.

News Source: Emirates News Agency