CONCLUSION AND NEXT STEPS
Development of quarterly current price GVA estimates is still at an experimental stage. Further investigation is required including detailed seasonal analysis and the investigation of any large price variations between the IPDs and the relevant price indicators. The current price data at the industry level currently requires further editing, though there may be some difficulty in editing this data back through the time series.
National Accounts has already commenced using these estimates as part of the quarterly compilation process. This has been a valuable exercise to undertake as it has highlighted potential weaknesses in the production and income estimates. It has provided a good basis to re-analyse source data and confront these with other indicators to provide a coherent picture of the economy.
The derivation of current price GVA estimates also allows for an industry level breakdown of the income measure of GDP. This can provide the basis for further, more detailed analysis of the income perspective of the economy.
From here, the National Accounts will be scoping the demand for these estimates with the possibility of including quarterly current price gross value added by industry estimates as part of future quarterly National Accounts releases.
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