Table of contents
- Overview of the current and new models
- The trade-offs of the new model
- Impact on data
- Publication schedule of releases
- Revisions policy
- Information about giving feedback
Office for National Statistics (ONS) will be introducing a new publishing model for gross domestic product (GDP) in July 2018.
In summary, this model will give two (rather than three) estimates of quarterly GDP, and speed up the Index of Services publication by two weeks, enabling the publication of monthly GDP estimates.
This move was in response to recent findings that recommended that ONS should strive for timely GDP estimates to aid policy makers while maintaining a balance with the quality of data available, as well as efforts to produce a more coherent picture of the UK economy on a monthly basis.
Although there will be some loss in timeliness and data content, the improved quality of our quarterly estimates will make the data more reliable and hence lead to greater confidence in these estimates.
Furthermore, the publication of monthly GDP estimates will consolidate the UK’s position at the forefront of short-term GDP estimation.
This paper explains the motivation for the change to the publication model, its benefits and trade-offs, outlines the new products following from the change, and discusses other technical changes to how ONS compile GDP.
The paper builds on the public consultation published in July 2017, providing further detail on the specifics of the new model.
Source: Contracts Finder licensed under the Open Government Licence v.1.0.