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ONS has today published articles setting out the indicative impact on the Sector & Financial Accounts and Balance of Payments for the years 1997 to 2013 of all the improvements that will be introduced when revised figures, consistent with Blue Book and Pink Book 2015, are published in September 2015.

ONS Chief Economist Joe Grice said:

“Today’s releases show how the improvements being introduced to national accounts impact on more detailed data. Across the period, the impacts are small in most series.

“The methods improvements being introduced are based on new international standards, ensuring ONS continues to measure the changing UK economy in the best way possible, while allowing UK National Accounts to remain internationally comparable.”

Between 1997 and 2013, revisions to the current account balance ranged from -£4bn in 2009 to +£7bn in 2012 to the nearest billion. The average revision during the period was zero, while the average absolute revision was £2bn. Revisions to the International Investment Position have also been published. The largest of these revisions is in 2013, with UK assets being revised by +£75bn to a level of £9,684bn and UK liabilities being revised by -£89bn to a level of £9,928bn. Revisions in recent periods are mainly due to data from the quarterly Foreign Direct Investment (FDI) survey being updated with data from the larger annual FDI survey.

Revisions to the saving ratio ranged from +0.7 percentage points in 2012 to -0.3 percentage points in 1998. The average revision to the saving ratio was +0.1 percentage points and the average absolute revision was 0.2 percentage points.

In addition to the articles on the Sector & Financial Accounts and Balance of Payments, ONS has today published a new methodological article detailing improvements to the estimation of Capital Stocks and Consumption of Fixed Capital.

An article is also being released highlighting the classification changes due to be introduced in Blue Book 2015.

Final estimates of quarterly real GDP growth have also been published today. Indicative estimates were first published on 5 August and as previously announced, over the period 1998 to 2013, ONS has revised average real quarter-on-quarter growth by 0.00 percentage points, while the average absolute revision to real quarter-on-quarter GDP growth was 0.11 percentage points. The peak to trough of the 2008-09 economic downturn has been revised from -6.0% to -6.1%.

Background notes

1. The full ‘Detailed assessment of changes to Sector and Financial Accounts 1997 to 2013’ article is available here:http://www.ons.gov.uk/ons/rel/naa1-rd/national-accounts-articles/detailed-assessment-of-changes-to-sfa-1997-2013/index.html
2. The full ‘Detailed assessment of changes to the Balance of Payments and International Investment Position, 1997 to 2013’ article is available here:http://www.ons.gov.uk/ons/rel/naa1-rd/national-accounts-articles/detailed-assessment-of-changes-to-bop-1997-2013/index.html
3. The full ‘Final Impact of Blue Book 2015 Changes on Annual and Quarterly Gross Domestic Product Estimates, 1997 to 2013’ article is available here:http://www.ons.gov.uk/ons/rel/naa1-rd/national-accounts-articles/final-gdp-cp-and-cvm-quarterly-and-annual-estimates-1997-2013/index.html
4. The full ‘Methodological Improvements to National Accounts for Blue Book 2015: Classifications’ article is available here:http://www.ons.gov.uk/ons/rel/naa1-rd/national-accounts-articles/classification-changes-to-national-accounts-for-blue-book-2015/index.html
5. The full ‘Methodological changes to the estimation of capital stocks and consumption of fixed capital’ article is available here:http://www.ons.gov.uk/ons/rel/naa1-rd/national-accounts-articles/methodological-improvements-to-the-estimation-of-capital-stocks-and-consumption-of-fixed-capital-for-blue-book/index.html
6. The full ‘Impact of Blue Book 2015 Changes on Annual and Quarterly Gross Domestic Product Estimates, 1997 to 2013’ article is available here:http://www.ons.gov.uk/ons/rel/naa1-rd/national-accounts-articles/impact-on-gdp-cp-and-cvm-quarterly-and-annual-estimates-1997-2013/rpt-impact-on-gdp-current-price-and-chained-volume-measure-estimates-1997-to-2013.html
7. The ONS Economic Review, which explains the impact of these changes in further detail, is available here:http://www.ons.gov.uk/ons/rel/elmr/economic-review/august-2015/index.html
8. The full ‘Impact of Blue Book 2015 Changes on Chained Volume Measure Gross Domestic Product Estimates, 1997 to 2010’ article is available here:http://www.ons.gov.uk/ons/rel/naa1-rd/national-accounts-articles/impact-on-gdp-cvm-annual-estimates-1997-2010/rpt-impact-on-gdp-chained-volume-measure-estimates-1997-2010.html 
9. An article setting out National Accounts changes and their impact on current price GDP is available here: http://www.ons.gov.uk/ons/rel/naa1-rd/national-accounts-articles/impact-on-gdp-current-price-annual-estimates-1997-2010/art-impact-on-gdp-current-price-annual-estimates-1997-2010.html
10. An impacts article summarising the ESA95 improvements to the measurement of UK GNI is available here: http://www.ons.gov.uk/ons/rel/naa1-rd/national-accounts-articles/impact-of-esa-1995-changes-on-current-price-gross-national-income-estimates--2002-to-2010/art-gni-impact.html

11. National Statistics are produced to high professional standards set out in the Code of Practice for Official Statistics. They undergo regular quality assurance reviews to ensure that they meet customer needs. They are produced free from any political interference. 
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