Through this project, we will provide a mechanism for assessing the value of economic statistics to the UK economy. We focus on three avenues of enquiry. First, a survey of users and interviews with key stakeholders. Other attempts to estimate the benefits of statistics have settled for this approach in acknowledgement of the difficulties associated with the alternatives. Second, we carry out an empirical case study, illustrating the cost of getting key statistics wrong. We will quantify the economic impact of inaccurate GDP data using NIESR’s macroeconomic model, NiGEM. Third, we will assess the impact of the transformation improvements by carrying out a second survey and set of interviews.
Lead researcher: Heather Rolfe