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Monthly figures providing an early insight into the U.K. economy are set to be published from April.
The new data will include indexes tracking activity at ports and on roads, as well as a measure of business turnover based on early valued-added tax returns, the Office for National Statistics said Monday. The figures will potentially help provide an early warning sign for the U.K. economy as it adjusts to life outside of the European Union.
While the faster indicators project aims to meet demands for more timely data, the ONS stressed that is was not attempting to predict gross domestic product or any other key economic statistics.
“Rather, by exploring big, closer-to-real-time datasets of activity likely to have an impact on the economy, we provide an early picture of a range of activities that supplement official economic statistics and may aid economic and monetary policy makers and analysts in interpreting the economic situation,” said Louisa Nolan of the ONS's Data Science Campus, which is developing the project.
To contact the reporter on this story: Andrew Atkinson in London at a.atkinson@bloomberg.net
To contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, David Goodman, Brian Swint
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