Thank you for inviting OSR to review your practices around the preparation and release of information about revisions to estimates of GDP. I will ask my team to carry out and publish a short review, which we expect to cover the three areas outlined in your letter:
- Processes and quality assurance involved in making revisions to GDP
- Potential improvements to early estimates of GDP enabled through enhanced access to data
- Communication of:
- revisions to GDP
- the story behind the most recent set of revisions in particular
- uncertainty in early estimates of GDP
We will extend our review to cover similar issues relating to a wider set of National Accounts measures as appropriate.
I look forward to working with you and colleagues on this review.
Director General for Regulation