ONS to review ‘best practice’ for data revisions after GDP upgrade
The Office for National Statistics (ONS) has asked the statistics regulator to review “best practice” for its data revisions a week after the ONS published major revisions to its GDP data.
The ONS updated its GDP estimates showing that the economy was larger than previously thought in 2020 and 2021.
The revisions suggest the UK’s recovery from the Covid pandemic was roughly in line with peers, whereas previous estimates had indicated that it was lagging behind. The revisions have sparked criticism from many quarters, with many questioning the sheer scale of the changes.
Professor Ian Diamond, the UK’s National Statistician, who oversees the ONS, said, however, it was “not surprising” that the revisions were “larger than usual” given the impact of the pandemic.
“I remain confident that our initial estimates for the Covid years were the best possible on the data available. I want to underpin faith in our work, and this review will help us do that,” Diamond continued.
Although the ONS undertakes a review of its revisions every year, it said an additional review, with input from the Office for Statistics Regulation (OSR), would be “timely” given that it has just finished incorporating new data covering the pandemic period.
Writing to the OSR, Michael Keoghan, director general of the economic, social and environmental statistics at the ONS, said it was important to consider “best practice” and communication when dealing with “sharp discontinuities,” such as the pandemic.
The OSR, which has agreed to help with the analysis, said it will consider three areas: quality assurance, communication of uncertainty and improvements through access to wider data.
Ed Humpherson, director general for regulation said the review will consider “what lessons can be learnt for future economic measurement”.