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UK economic review: Apr 2017

An analytical theme of topical economic importance using recent data and the main economic stories from UK national statistics produced over the latest quarter.

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Table of contents

  1. Authors
  2. Main points
  3. Introduction
  4. Management practices and productivity of family-owned businesses
  5. Transforming turnover: using VAT turnover data in the national accounts
  6. Improvements to early estimates of GDP through the 2008 to 2009 downturn
  7. Understanding the UK economy
  8. Annex A – Publication dates and themes for future Economic reviews
  9. Annex B – Demand and supply indicators

Main points

  • A new survey on management practices shows family-owned businesses are associated with lower than average productivity at the firm level.

  • The development of VAT data within national accounts will significantly improve the coverage of smaller businesses in the measurement of gross domestic product (GDP).

  • Analysis of GDP estimates during the 2008 to 2009 economic downturn have led to improvements in the way we are using additional data, including VAT data to validate information available from monthly surveys.

  • GDP growth is estimated at 0.7% for Quarter 4 (Oct to Dec) 2016, UK was the fastest growing G7 economy for 2016 as a whole.

  • The current account deficit improved in Quarter 4 2016, mainly due to an improved primary balance and an improved trade in goods position.

  • Most short-term output indicators slowed in January 2017 but show positive growth over the most recent 3 months.

  • Rising consumer prices, including owner occupiers’ housing costs (CPIH), are reflecting higher import prices, oil and fuel price increases and other factors such as a return to slight food price inflation over the last year.

Read more of this report online by clicking HERE

Source: Office for National Statistics licensed under the Open Government Licence v.1.0.

 

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