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UK National Accounts changes: impact on real gross domestic product, 1997 to 2016

ONS has today published an article setting out the impact on real GDP growth of previously announced improvements to the national accounts that will be introduced when revised figures, consistent with Blue Book 2018, are published on 29 June 2018.

Between Q2 1997 and Q4 2016, average quarter on quarter real GDP growth is unrevised, while the absolute revision to quarter on quarter real GDP growth is 0.05 percentage points. Average annual real GDP growth remains unchanged at 2.0%.

The estimated length and timing of the 2008/09 economic downturn is unrevised, while the peak to trough is revised slightly from -6.1% to -6.3%.

As set out on 13 April, the main improvements being introduced include improved estimates from the Bank of England of the measurement of ‘net spread earnings’, a correction to the estimate of the investment in computer software and improved data and methods for estimating the funds held by funded public sector pension schemes.

ONS Director of National Accounts Transformation Darren Morgan said:

“While the impacts of the improvements announced today are small, they ensure that ONS will continue to measure our changing and increasingly digital economy in the best way possible.”

Background Notes

  1. The full National Accounts articles: Impact on GDP current price and chained volume measure annual and quarterly estimates: 1997 to 2016 article is available.

  2. ONS has also published today a detailed assessment of the impacts of the implementation of new trade systems and subsequent developments, which is also being introduced in June 2018:

  3. On 13 April ONS published the ‘Impact of Blue Book 2018 changes on current price gross domestic product estimates: 1997 to 2016

  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 2018.

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Channel website: https://www.ons.gov.uk/

Original article link: https://www.ons.gov.uk/news/news/uknationalaccountschangesimpactonrealgrossdomesticproduct1997to2016

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