20 February 2017
The error previously announced regarding the seasonally adjusted component level of imports and balances of trade in services has now been corrected. Table F within the Balance of Payments release and table B3 within the UK Economic Accounts have now been updated, along with their respective time series data between Quarter 1 (Jan to Mar) 2012 and Quarter 4 (Oct to Dec) 2014. We apologise for any inconvenience.
23 January 2017 16:00
An error has been found in the breakdown of imports of trade in services estimates between Quarter 1 (Jan to Mar) 2012 and Quarter 4 (Oct to Dec) 2014. Total trade in services imports estimates are unaffected. The error involves some non-seasonally adjusted data being presented as seasonally adjusted data for this period.
The error impacts the quarterly Balance of Payments release (Table F) and the UK Economic Accounts publication (Table B3), as well as associated time series data. Since total trade in services aggregates and all annual estimates are unaffected, GDP, Blue Book and Pink Book releases are unaffected. All geographical estimates are also unaffected. The error will be corrected in the affected publications as soon as possible.
We have also identified a separate processing error in the exports and imports of manufacturing and maintenance services, where the non-seasonally adjusted series has been published instead of the seasonally adjusted series for Quarter 3 (July to Sept) 2015 to Quarter 3 2016 in the same publications as listed above. The impact on this specific service is small and there is no impact on total services and other aggregates. This error will be corrected in the quarterly national accounts and balance of payments in September 2017 in line with the national accounts revisions policy.
We apologise for any inconvenience. Please contact Hannah Finselbach for more information.
6 December 2016
A processing error has been identified in the measurement of UK Trade affecting the period January 2015 to September 2016. Although it will change the expenditure components of GDP for the same period there is no impact on headline GDP as the affected elements of trade will be offset in the acquisitions less disposals of valuables component. The correction will be incorporated into the Quarter 3 (July to Sept) 2016 Quarterly National Accounts and Quarterly Balance of Payments releases on 23 December 2016. Further details including the indicative impacts on UK Trade and the current account can be found in the UK trade: Sept 2016 correction notice.
30 September 2016
Following a quality review it has been identified that the methodology used to estimate elements of purchased software within gross fixed capital formation (GFCF) has led to some double counting from 1997 onwards. When this issue is amended in The Blue Book 2017 it will reduce the level of GFCF across the period by around 1.1% per year. The average impact on quarter-on-quarter GFCF growth is negative 0.02% and the average impact on quarter-on-quarter GDP growth is 0.00%.