Friday, 5 July 2013

Improved estimates of investment (wonkish)

The ONS has improved estimates of investment in important ways, for me anyway.

1. Own-account software gets at 15% operating surplus adjustment. See section 3.3 of this: GDP continuous improvement: improvements to the estimation of gross fixed capital formation in the UK National Accounts. 

2. Artistic originals implement a number of measures we suggested in our earlier work, see  GDP Continuous Improvement - The Measurement of Artistic Originals in the UK

3. GFCF is now bottom up:  
"Prior to the Quarterly National Accounts Q1 2013, and the Business Investment Statistical Bulletin Q1 2013 releases, GFCF was estimated at the total level, and proportioned to the asset, sector and industry series.
See section 3.1 of this: GDP continuous improvement: improvements to the estimation of gross fixed capital formation in the UK National Accounts. 

4. what does it all mean?  This is part of the reason why the fall in GDP is more than we thought.


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