The Office for National Statistics (ONS) has today published an article setting out further detail of the impact of previously announced National Accounts changes on the expenditure components of GDP. These changes will be introduced in the 2014 Blue Book.
Today’s figures show real GDP growths are slightly changed from those published on 30 June 2014 following further quality assurance work but these changes do not alter the overall picture previously presented.
Average annual growth in real GDP over the period 1998 to 2009 is unrevised from the currently published estimates. Revisions to individual annual growth rates for real GDP over the period 1998 to 2009 range from -0.9 percentage points to +0.9 percentage points.
ONS Chief Economic Adviser Joe Grice said:
“Today’s figures give more information about how the picture of the UK economy is likely to change, following the introduction of the planned improvements.
“These improvements are part of an international agenda, which will ensure ONS continues to measure the UK’s changing economy to a high standard."
Today’s release is the latest of a series of articles detailing the Blue Book changes which will be introduced. The previous articles are detailed below:
• The overall package of improvements was described on 28 April
• Articles on 29 May described the impact on current price GDP from those improvements not related to new international standards (‘ESA 2010’, for short)
• Articles were published on 10 June giving estimates of the impact on the level of current price GDP from the improvements due to the implementation of ESA 2010
• On 30 June, articles described the impact of the changes on annual growth in the headline measure of GDP over the period 1997 to 2009
• An article on 9 July detailed the impact of the changes on the Sector & Financial Accounts, as well as an article comparing the impact of the UK’s national accounts changes with those being implemented in other countries
• On 23 July an article was published giving details of the impacts of the changes on the expenditure and income components of GDP
Annual figures for 2010 to 2012 GDP on a current price basis and quarterly figures for 1997 to 2012 on a real GDP basis will be published on 3 September.
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 2014.
Issued by: Office for National Statistics, Government Buildings, Cardiff Road, Newport NP10 8XG
Tel Media Relations Office 0845 6041858
Emergency on-call 07867 906553
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: email@example.com