Dataset:UK Economic Accounts time series dataset
22 February 2018
A change was made in UK National Accounts: the Blue Book 2017 to correct the estimation of elements of purchased software, which were being double-counted from 2001 onwards along with discrepancies in the modelled data prior to 2001. During further quality assurance, we have identified that 2017 adjustment did not fully address the issue and an additional amendment to other machinery and equipment, and information and communication technology (ICT) equipment is required. Purchased software will be unaffected by this additional amendment. When implemented in the Blue Book 2018-consistent United Kingdom Economic Accounts dataset, to be published 29 June 2018, it will increase the level of gross fixed capital formation (GFCF) across the period by around 1.5% per year in current prices. The average impact on quarter-on quarter GFCF current price growth is positive 0.01% and the average impact on quarter-on-quarter gross domestic product (GDP) current price growth is 0.00%. We do not yet know the definitive impact on the chained volume measures of GFCF or GDP growth rates, we expect them, though, to be similarly small.