19 November 2021
We have identified an error within our production of gross fixed capital formation (GFCF) and Business Investment transport estimates, affecting both our current price and chained volume measures data. The periods affected are Quarter 2 (Apr to June) 2021 and Quarter 3 (July to Sept) 2021.
We estimate that the impact of this error would be as follows:
In Quarter 2 2021, 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 Quarter 3 2021, 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.
You can view our Transportation and storage data at current prices not seasonally adjusted, which are consistent with this correction.
You can view our Business investment by asset data, which are consistent with this correction.
A list of those write out acronym in full here (CDIDs) affected by this error is available upon request.
We apologise for this error and any inconvenience caused.
29 November 2021
While quality assuring the business investment by asset dataset, a discrepancy has been found, which has shown seasonally adjusted chained volume measure (CVM) figures for CDID EDRA (Non Gov: Intellectual Property Products: Total Industry) pre-2019 are incorrect. Data for 2019 and subsequent periods are unaffected. These errors arose during the production process of the version published on 30 September 2021. Total gross fixed capital formation and business investment figures are unaffected by this error. We are working to correct this issue and will publish corrected figures for CDID EDRA as soon as possible.
We apologise for any inconvenience caused.