United Kingdom - Real Net Exports

The national accounts provide an integrated description of all economic activity within the economic territory of the UK, including activity involving both domestic units (i.e. individuals and institutions resident in the UK) and external units (those resident in other countries). In addition to being comprehensive, the accounts are fully integrated and internally consistent.

The coverage of the core accounts is wide. It encompasses production, consumption, the generation, distribution and redistribution of income, capital investment and the financing of the above (these terms will all be discussed more fully in later chapters). Additionally, accounts are produced for the regions, sub-regions and local areas of the UK, as are satellite accounts which cover activities linked to the economy, but separate from the core accounts, most notably the environmental accounts.

The UK national accounts are produced under internationally agreed guidance and rules set out principally in the European System of Accounts (ESA 2010) and the accompanying Manual on Government Deficit and Debt- Implementation of ESA 2010 – 2014 edition (MGDD).

Active:

• Framework: ESA 2010
• Industry classification: SIC 2007 (NACE Rev. 2)
• Measurements:
  • Millions of pounds sterling at chained year-2019 prices (Mil. Ch. 2019 GBP)
  • At current prices (Mil. GBP)
  • Year-over-year percent change based on chained year-2019 prices (% Ch. 2019 Y/Y) 
  • Year-over-year percent change at current prices (% Y/Y)
  • Quarter-over-quarter percent change (% Q/Q) 
  • Index based on chained year-2019 prices (Index Ch. 2019=100) 
  • At current prices (Index 2019=100)
• Adjustments: Seasonally adjusted (SA)
• Native frequencies:
  • Quarterly
  • Annual
• Start date: Between 1946 and 1998

Predecessors:

• At 2018 prices - 1948 to 2021
• ESA 2010 monthly - 1993 to 2016
• ESA 2010 at 2015 prices
• ESA 2010 at 2013 prices
• ESA 95

Change in GDP is the main indicator of economic growth. There are 3 approaches used to measure GDP.

• Gross value added (GVA): is the sum of goods and services produced within the economy less the value of goods and services used up in the production process (intermediate consumption).  
• The output approach: measures GVA at a detailed industry level before aggregating to produce an estimate for the whole economy. 
• GDP (as measured by the output approach): can then be calculated by adding taxes and subtracting subsidies (both only available at whole economy level) to this estimate of total GVA.
• The income approach: measures income generated by production in the form of gross operating surplus (profits), compensation of employees (income from employment) and mixed income (self-employment income) for the whole economy.
• The expenditure approach: is the sum of all final expenditures within the economy, that is, all expenditure on goods and services that are not used up or transformed in the process i.e. final consumption (not intermediate) for the whole economy.

The second estimate of GDP is based on revised output data, together with data from some expenditure and income components. The output GVA and GDP estimates are balanced with the equivalent income and expenditure approaches to produce headline estimates of GVA and GDP. 

All data are seasonally adjusted estimates and have had the effect of price changes removed (in other words, the data are deflated), with the exception of income data which are only available in current prices.

Growth for GDP and its components is given between different periods. Latest year-on-previous-year gives the annual growth between one calendar year and the previous. Latest quarter-on-previous-quarter growth gives growth between one quarter and the quarter immediately before it. Latest quarter-on-corresponding-quarter-of-previous-year shows the growth between one quarter and the same quarter a year ago.

Revisions are an inevitable consequence of the trade-off between timeliness and accuracy. In the given publication revisions are usually permitted as far back as the first quarter of the previous calendar year.

All estimates, by definition, are subject to statistical uncertainty and for many well-established statistics we measure and publish the sampling error associated with the estimate, using this as an indicator of accuracy. The source publishes three updates for quarter - for preliminary, secondary and final QNA update.

The currency reference year (for chained volume measures) is advanced annually.