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Introducing the Experimental Monthly Index of Services
Presents for the first time an experimental monthly index of services and describes the development project to review and improve the indicators used to estimate short-term change in service industry output.
The ONS is developing a monthly index of services to complement the established index of production. The index of services will be a monthly measure of gross value added (net output) in the service sector. It will build on the methods used in measuring service sector gross value added in quarterly GDP.
This article presents for the first time an experimental monthly index of services and describes the development project to review and improve the indicators used to estimate short-term change in service industry output. The experimental monthly IoS is based on a range of data collected monthly, quarterly and annually. The proportion of monthly data will increase from its current level of about 40 per cent as suitable new monthly data sources become available. When fully developed the monthly IoS will provide a timely indicator of growth in service industries and, along with the monthly index of production, will assist economists in monitoring changes in growth and detecting turning points in the economy.
The article is in six sections:
Conceptual basis for the IoS, its relationship with GDP(O) and the national accounts; Work done to produce this experimental index; Data sources and the proportion of monthly information; Future plans; Conclusion;
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