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.Read more on Getting the right tools – How we are creating wider estimates of GDP
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.Read more on Productivity gap narrows
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.Read more on A new way of looking at changing household incomes and prices
How properly to measure the impact of digital technology is a big challenge for statisticians and economists the world over. Media reports have suggested that historic mismeasurement of the telecoms sector means that the UK’s recent economic history will have to be significantly rewritten. As ONS Deputy Economist Richard Heys explains, it really isn’t as simple as that.Read more on Measuring the digital economy: Is history about to be rewritten?
While other countries have seen similar slowdowns, the dip in UK productivity growth has been deeper and more persistent. In a special article for The Spectator, Richard Heys examines the puzzle and explains the work going on to improve productivity measurement at ONS.Read more on The productivity puzzle – “The key economic issue of our age.”