Economy

Managing the trade-off between timeliness and accuracy in producing our best estimates of GDP 

GDP revisions are often reported, but how much do users understand why revisions are a necessary part of the evolution of the GDP dataset?  Andrew Walton and Sumit Dey-Chowdhury explain the compilation process, recent GDP revisions performance, the different reasons for revisions and how ONS are making improvements to the measurement of GDP.

Read more on Managing the trade-off between timeliness and accuracy in producing our best estimates of GDP 

Firmer footing: our latest update on our Surveys and Economic Statistics Improvement Plan

Data

Today we have published our third quarterly update on the improvement work underway in the ONS for surveys and economic statistics. The update reflects refined priorities, reset milestones and clarity about where activity must wait until constraints are resolved. James Benford explains that, while there is still much to do, putting quality ahead of quantity, and credibility ahead of volume, remains a guiding principle that is driving an ongoing recovery in economic statistics. 

Read more on Firmer footing: our latest update on our Surveys and Economic Statistics Improvement Plan