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International comparisons of productivity: an update to understanding revisions
Provides an overview of ONS methodology used in constructing ICP estimates and the impact of revisions on latest published data
Author: Sumit Dey-Chowdhury
Economic & Labour Market Review, vol 2, no 3, pp 34-39. ISSN: 1751-8334
The UK's relative productivity performance has been revised (compared with the previous set of published results), following the update to the benchmarking exercise of prices across all Organisation for Economic Co-operation and Development countries in November 2007.Revisions in the international comparisons of productivity (ICP) estimates released in February 2008 predominantly reflect these new estimates of purchasing power parities (PPPs).
This article provides an overview of the methodology used by the Office for National Statistics in constructing estimates of ICP and gives more detail to help users understand why the PPP data were revised and the impact this had on the latest published set of ICP estimates.
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