Regulator to review ONS GDP estimate process following surprise revision

Shift in 2020 and 2021 data

The Office for National Statistics has requested that a regulator help conduct a review following the “sharp discontinuities” in its estimates for UK GDP over the coronavirus pandemic.

Last week, the ONS found that UK GDP grew by 8.7% through 2021, much higher than the previous reported estimate of 7.6%, while 2020 GDP losses were revised from 11% to 10.4%. UK inflation continues sharp descent to 6.8% in July The new revisions place the UK at the top end for recovery among the G7 over the pandemic, as the economy grew 0.6% between 2019 and 2021 rather than shrinking 1.2%, moving it from last to third, behind only the US and Canada. Mike Keoghan, director-general of economic statistics at the ONS, wrote to the Office for Statistics Regulation yesterday (6 Sept...