Economy

Economic statistics are central to monitoring, understanding and managing the economy, at both national and regional levels. The Economy theme covers statistics which measure different aspects of, and provide insight into, the UK economy and the economies of Devolved Administrations and UK regions.

Access to statistics that are accurate, reliable, relevant and timely is vital for policy makers. And such statistics are equally important for effective decision making in the private sector. Moreover, economic statistics provide a yardstick for assessing economic performance and are thus central to the ability of Parliaments, the media and the public at large to hold policy makers to account.

It is also crucial that information is available below the level of the aggregate economy. For instance, analysis of financial stability benefits from a detailed accounting of the flows of assets and liabilities between sectors. Similarly, effective regional policies require information about economic activity at the level of the corresponding regional units.

Our current regulatory activity includes assessing the ONS Regional Gross Value Added statistics. Phase 1, the assessment of the Income and Production Approaches is now complete (Assessment Report 335). We have also recently completed the second phase of our assessment of the UK House Prices Index and the Northern Ireland House Price Index (Assessment Report 336). We have recently confirmed National Statistics re-designation of the Consumer Prices Inflation (including Owner-Occupied Housing) measure (CPIH) (our Assessment Report 322 and correspondence).

Contact: Iain Russell