Posts by Richard Heys

Inclusive measures of growth – How ONS is moving Beyond GDP

GDP is a well-used metric for measuring changes in the size of economies around the world. However, it has its limitations. Richard Heys writes about the continuing developments at the ONS to go beyond GDP by including measures of the impact of growth on people, the climate and environment.

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The devil is in the detail: where to include gold and crypto-currencies in our statistics

A Pile o bitcoins

In recent years there has been a debate raging about what should be included within trade flows and what should not. As well as the ongoing discussion around flows in the gold market, recently the spotlight has turned to whether crypto currencies, such as Bitcoin, should be included within headline trade figures. Richard Heys explains where the ONS sits in this debate.

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Getting the right tools – How we are creating wider estimates of GDP

Picture of a forest

GDP, as an internationally accepted measure of the economy, is often criticised for missing much of what is important – how much work people do for free in their own homes and what impact the economy has on the environment. Richard Heys talks about plans to develop wider measures that go beyond GDP and what they tell us about our changing society and economy.

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Productivity gap narrows

New OECD figures published today suggest the ‘productivity gap’ between the UK and other economies including France, Germany and the USA is smaller than previously thought. The latest estimates follow a re-appraisal of how each country measures the number of hours worked. The development of these improved numbers is in part down to work at ONS.

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A new way of looking at changing household incomes and prices

In February 2017 ONS funded the establishment of a new independent research centre, the Economic Statistics Centre of Excellence (ESCoE). Its objective is to bring economic research closer to the production of economic statistics and identify new ways to address the fast-paced changes observed in the UK economy. Richard Heys explains. 

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