WIREDGOV

ONS has recently published an article setting out the impact on ‘real’ (chained volume measure) GDP growth of improvements to the National Accounts that will be introduced when revised figures, consistent with Blue Book 2015, are published in September 2015. The article gives both annual and quarterly impacts for years between 1997 and 2010.

These correspond to the estimated impacts on current price GDP  which were presented in an article on 12 June, which stem from a range of improvements catalogued in that article. These ensure UK national accounts continue to provide the best possible framework for analysing the UK economy and for comparing it with those of other countries.

The estimated impact of these improvements would reduce the average annual growth by 0.2 percentage points, from 2.2% to 2.0%, with annual revisions ranging from -1.0 percentage points in 2003 to +0.2 percentage points in 2005 and 2007.

The average revision to quarter-on-quarter growth is -0.03 percentage points, while the absolute revision to quarter on quarter real GDP growth is 0.10 percentage points. The estimated peak to trough fall in the 2008/09 economic downturn has been revised from -6.0% to -6.1%.

ONS plans to publish a further article on 5 August, highlighting the impact of these changes on real GDP for 2011 to 2013.

ONS Chief Economist Joe Grice said recently:

“Today’s data reflect a range of improvements  which  will help  ensure that the UK's National Accounts remain reliable and  comparable with those of other countries.

“These improvements have a small downward impact on average quarterly GDP growth during the period.

“They have the effect of slightly increasing the estimated depth of the recent economic downturn from 6.0% to 6.1%.” 

Background notes

1. The article is on the ONS website at: http://www.ons.gov.uk/ons/rel/naa1-rd/national-accounts-articles/impact-on-gdp-cvm-annual-estimates-1997-2010/index.html
    
2. Follow us on www.twitter.com/statisticsONS and on the ONS Youtube channel at www.youtube.com/user/onsstats
    
3. Details of the policy governing the release of new data are available from the media relations office.

4. 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. © Crown copyright 2015.

   Issued by: Office for National Statistics, Government Buildings, Cardiff Road, Newport NP10 8XG

   Media contact: 
   Tel                          0845 604 1858 
   Emergency on-call    07867 906553 
   E-mail  media.relations@ons.gsi.gov.uk

   Statistical contact: 
   Andrew Walton 01633 456408 
   E-mail andrew.walton@ons.gov.uk

   Website: 
   www.ons.gov.uk 

5. Details of the policy governing the release of new data are available by visiting www.statisticsauthority.gov.uk/assessment/code-of-practice/index.html or from the Media Relations Office email: media.relations@ons.gsi.gov.uk