30 September 2021
During quality assurance of the ANA21 GFCF dataset, an issue has been identified that affects the chained volume measure of costs of ownership transfer of non-produced assets in the private sector and the public corporation sector. As a result, £175 million has been erroneously removed from public corporations and added to the private sector estimate for costs of ownership transfer of non-produced assets in 2019. Total transfer costs and therefore total GFCF are unaffected by this error.
30 September 2021
While quality assuring the business investment dataset, a discrepancy was found where annual non-seasonally adjusted chained volume measure (CVM) data does not equal annual seasonally adjusted CVM data for the years 1997 to 2019. This issue affects Business Investment in the UK and its component assets. The largest difference in any given year is negative £9 million in business investment and negative £13 million in the sub-components. The correct data series to use for the annual timeline is the non-seasonally adjusted series.
30 September 2021
We have identified four series, NPQS, NPQT, NPQR and NPQX, which have incorrectly shown a value of 0 for periods prior to 2020. These errors arose during the production process of the version published on 30 September 2021 and have now been corrected.
06 October 2021
We have identified a number of series which were not updated with the latest data for the period 1948 to 1996 within the CXNV time series. These series have now been updated and are consistent with the latest business investment release published on the 30th September 2021.
A list of affected CDIDs is available on request.
We apologise for any inconvenience caused.
11 November 2021
While quality assuring the business investment by asset dataset, a discrepancy has been found which has shown seasonally adjusted chained volume measure (CVM) figures for CDID EDRA (Non Gov: Intellectual Property Products: Total Industry) pre-2019 are incorrect, data for 2019 and subsequent periods are unaffected. These errors arose during the production process of the version published on 30 September 2021. Total gross fixed capital formation and business investment figures are unaffected by this error. We are working to correct this issue and will publish corrected figures for CDID EDRA as soon as possible.
We apologise for any inconvenience caused.
19 November 2021
We have identified an error within our production of write out acronym in full here (GFCF) and Business Investment transport estimates, affecting both our current price and chained volume measures data. The periods affected are Quarter 2 (Apr to June) 2021 and Quarter 3 (July to Sept) 2021
We estimate that the impact of this error would be as follows:
In Quarter 2 2021, GFCF would revise upwards by 0.9 percentage points and Business Investment by 1.6 percentage points in our Chained Volume Measures Seasonally Adjusted estimates.
In Quarter 3 2021, GFCF would revise upwards by 0.5 percentage points and Business Investment by 1.0 percentage points in our Chained Volume Measures Seasonally Adjusted estimates.
As part of our regular production process, our GFCF and Business Investment estimates will be updated in-line with the National Accounts revision policy in the next release, which will be published on 22 December 2021. As part of this process, as is usual, we will also incorporate any additional later data received for the open revisions period.
There will be no impact on GDP as a result of this error in GFCF and business investment estimates. This is because we balance our GDP estimates using an alignment of the different approaches to measuring GDP, so the impact from this error would be offset during the GDP balancing process. This is because the new data increases the level of expenditure, and we were previously adjusting up this approach to GDP to align to the other GDP measures.
You can view our Transportation and storage data at current prices not seasonally adjusted, which are consistent with this correction.
You can view our Business investment by asset data, which are consistent with this correction.
A list of those write out acronym in full here (CDIDs) affected by this error is available upon request.
We apologise for this error and any inconvenience caused.
29 November 2021
While quality assuring the business investment by asset dataset, a discrepancy has been found, which has shown seasonally adjusted chained volume measure (CVM) figures for CDID EDRA (Non Gov: Intellectual Property Products: Total Industry) pre-2019 are incorrect. Data for 2019 and subsequent periods are unaffected. These errors arose during the production process of the version published on 30 September 2021. Total gross fixed capital formation and business investment figures are unaffected by this error. We are working to correct this issue and will publish corrected figures for CDID EDRA as soon as possible.
We apologise for any inconvenience caused.
