19 November 2021
We have identified an error within our production of GFCF and Business Investment transport estimates affecting both our current price and chained volume measures data. The periods affected are 2021 Q2 and 2021 Q3.
We estimate that the impact of this error would be as follows:
In 2021 Q2 GFCF would revise upwards by 0.9 percentage points and Business Investment by 1.6 percentage points in our Chained Volume Measures Seasonally Adjusted estimates
In 2021 Q3 GFCF would revise upwards by 0.5 percentage points and Business Investment by 1.0 percentage points in our Chained Volume Measures Seasonally Adjusted estimates
As part of our regular production process our GFCF and Business Investment estimates will be updated in-line with the National Accounts revision policy in the next release which will be published on 22 December 2021. As part of this process, as is usual, we will also incorporate any additional later data received for the open revisions period.
There will be no impact on GDP as a result of this error in GFCF and business investment estimates. This is because we balance our GDP estimates using an alignment of the different approaches to measuring GDP, so the impact from this error would be offset during the GDP balancing process. This is because the new data increases the level of expenditure and we were previously adjusting up this approach to GDP to align to the other GDP measures.
A list of those CDIDs affected by this error is available upon request.
We apologise for this error and any inconvenience caused.