What Was the U.K. GDP Then?

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The observation for 2013 are preliminary (as usual.) The population number is extrapolated from the 2012 observation by a factor of .76%.

The data published here for the years after 1948 are published by the UK Office of National Statistics. Each year this office publishes the latest update of these data in the United Kingdom National Accounts, The Blue Book. It is surprising that each year they have a new value for years past and this is not just because they are using a different “base year.” They have continuously revised the nominal observations as well. For a complete discussion of this, see How the Post War United Kingdom's Annual Estimates of GDP Have Changed.

The revisions in the series published in 2012 were very large and not explained well and so we decided to not use them. In 2013 they published a new version of real and nominal GDP (only for) 1997 to 2012 and again there are changes. (For example the value for nominal GDP for the year 2008 is now 28,000 million pounds larger than it was two years ago.) There is some indication that this office may look at their techniques of creating the earlier values and make a new revision in 2014. To download the published real and nominal GDP series from 2005, 2011, 2012, and 2013 go to Data Sets. Until this is resolved, we will use the same data for 1948 to the present that was published in 2011 and extrapolate only the 2011, 2012 and 2013 observations base on the 2010 observation.These data were revised on March 28, 2014.



Citation

Lawrence H. Officer and Samuel H. Williamson, "What Was the U.K. GDP Then?" MeasuringWorth
URL: http://www.measuringworth.com/ukgdp/


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