17 August 2017

Update

The Office for National Statistics is seeking views on proposed changes to GDP data

The ONS is keen to understand the implications of its proposed changes and is holding a public consultation, members can input views until 14 September.

The Office for National Statistics is seeking views on proposed changes to GDP data

The Office for National Statistics (ONS) is changing the way it publishes GDP data and is seeking the views of businesses that may be affected.

The changes will see the number of estimates of quarterly GDP reduced from three to two, with the aim of improving accuracy and minimising revisions. The timing of releases would also change. The first estimate would come six weeks after the end of the quarter, two weeks later than under current schedules, but it would be more comprehensive, including breakdowns according to the output, expenditure and income approaches. Second estimates would be published thirteen weeks after the end of the quarter. Finally, ONS also proposes to begin publishing a rolling monthly estimate of GDP based on the output approach, which would allow users to track developments in different sectors of the UK economy on a more frequent basis than is currently possible. The changes are to be implemented in mid-2018.

The ONS is keen to understand the implications of its proposed changes and is holding a public consultation, which runs until 14 September. To input your company’s views, follow this link to the ONS website. Alternatively, email the CBI’s Economic Intelligence team (ben.jones@cbi.org.uk) with any thoughts and we will submit a response on behalf of members.