National Accounts at a Glance
Five methods of aggregation are used in the World Development Indicators: For group and world totals denoted in the tables by a t, missing data are imputed based on the relationship of the sum of available data to the total in the year of the previous estimate. The imputation process works forward and backward from Missing values in are imputed using one of several proxy variables for which complete data are available in that year. The imputed value is calculated so that it or its proxy bears the same relationship to the total of available data. Imputed values are usually not calculated if missing data account for more than a third of the total in the benchmark year.
The variables used as proxies are GNI in U. Aggregates marked by an s are sums of available data. Missing values are not imputed. Sums are not computed if more than a third of the observations in the series or a proxy for the series are missing in a given year. Aggregates of ratios are generally calculated as weighted averages of the ratios indicated by w using the value of the denominator or, in some cases, another indicator as a weight.
The aggregate ratios are based on available data, including data for economies not shown in the main tables. Missing values are assumed to have the same average value as the available data. No aggregate is calculated if missing data account for more than a third of the value of weights in the benchmark year.
In a few cases the aggregate ratio may be computed as the ratio of group totals after imputing values for missing data according to the above rules for computing totals. Aggregate growth rates are generally calculated as a weighted average of growth rates and indicated by a w. In a few cases growth rates may be computed from time series of group totals. Growth rates are not calculated if more than half the observations in a period are missing.
For further discussion of methods of computing growth rates see below. Aggregates denoted by an m are medians of the values shown in the table. No value is shown if more than half the observations for countries with a population of more than 1 million are missing. Exceptions to the rules occur throughout the book. Depending on the judgment of World Bank analysts, the aggregates may be based on as little as 50 percent of the available data.
In other cases, where missing or excluded values are judged to be small or irrelevant, aggregates are based only on the data shown in the tables. Growth Rates Growth rates are calculated as annual averages and represented as percentages. Rates of change from one period to the next are calculated as proportional changes from the earlier period: Least-squares growth rate. Weights vary over time because both the composition of the SDR and the relative exchange rates for each currency change.
The resulting GNI in U. When official exchange rates are deemed to be unreliable or unrepresentative of the effective exchange rate during a period, an alternative estimate of the exchange rate is used in the Atlas formula see below. The following formulas describe the calculation of the Atlas conversion factor for year t: and the calculation of GNI per capita in U. New and returning users may sign in Sign in prestine. Your name. Your email address thinking….
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What are your principles governing statistical data? Data Quality and Effectiveness. Search Search thinking…. Your password has been reset. We have made changes to increase our security and have reset your password. In part, this was due to consumers initially spending more than had been predicted, with global GDP growth picking up since early Post-referendum forecasts refer to the first published figure following the EU referendum vote— July for independent forecasts, August for the BoE and November for the OBR.
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Meanwhile, growth in the implied GDP deflator — which measures changes in the price of all goods and services that comprise GDP — slowed to 1. Despite this slowing, it was slightly stronger than its five-year average rate of 1. The increase in the implied GDP deflator in reflected strengthening price growth across all expenditure components except for exports Figure 1.
Following a sharp rise of 6. Meanwhile, nominal import price growth strengthened to 5. It is important to note that both export and import prices are based in sterling for the UK. While export prices have risen in sterling terms, it is possible there may have been no change in the price in foreign currency terms.
Chapter 01: National Accounts at a glance
Movements in sterling export prices also reflect both exchange rate movements and changes in the price charged by the UK exporter, and there are a number of reasons why prices may be sticky in the short-term. Overseas firms that have agreed to pay a fixed price for UK exports may not be able to renegotiate the terms of those contracts in the short-term. For example, UK exporters may have the incentive to not pass through the full effect of an exchange rate appreciation to preserve market share and may not pass on the effects of a depreciation to increase profit margins.
Price growth across all other components of expenditure strengthened modestly in The household consumption deflator rose by 2. The fall in the exchange rate following the EU referendum led to an increase in UK import prices, which was then passed through to consumer prices. This was driven by particularly robust price growth in food and drink, and household goods and services. Food and drink prices rose by 2.
Growth in the prices of household goods and services saw a similar record increase, rising by 4. This is in line with the slowdown seen in household expenditure and output in consumer-focused service industries in While headline gross domestic product GDP slowed in , the output approach to measuring GDP strengthened slightly from 1. This increase was driven by manufacturing, which grew by 2. Construction output increased by 7. Meanwhile, services output increased by 1.
This was a continuation of a longer-term trend, with the services industry on a gradual deceleration since This slowdown in services can be attributed to weakness in consumer-focused industries, which saw a decline in their annual growth rate from 4. In , the distribution, hotels and restaurants sector — which includes retail trade and makes up a large proportion of consumer-focused industries — grew at its weakest annual rate since 2.
This weakness in consumer spending reflects the squeeze on household purchasing power, with real incomes squeezed by rising inflation following the sterling depreciation that followed the outcome of the EU referendum. In other service sectors, business services and finance was the largest contributor to total services growth in This is in line with external evidence PDF, KB , which indicates that professional services firms across law, accountancy and consultancy have experienced robust demand for advice related to the acquisition of UK assets and from EU clients on the establishment of UK operations to retain market access.
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There is mixed evidence as to whether the result of the referendum has had a discernible impact on output in the construction industry. Construction output rose by 7. Although output subsequently fell by 0.
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Construction new orders have also remained broadly flat compared with pre-referendum levels.