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Measures of accuracy for the Index of Production

Author

Listed:
  • Robin Youll

    (Office for National Statistics)

  • Neil Parkin

    (Office for National Statistics)

  • Chris Hunt

    (Office for National Statistics)

Abstract

Sets out the results of recent work on the accuracy of IoP estimates, based on an analysis of sampling error.In recent times the key measure of quality used for the Index of Production (IoP) has been the revisions performance of key aggregates. This is published as a set of revisions triangles alongside the monthly IoP release on the National Statistics website. Additionally, the IoP homepage on the website has a link to a Summary Quality Report which describes other aspects of quality of the series, for example, their timeliness, punctuality and relevance. This article sets out the results of recent further work on another dimension of the quality of these series: the accuracy of the estimates, based on an analysis of their sampling error. Additionally the article introduces an approach to defining quality bands for each series, to allow users to compare the relative quality of different IoP components. Economic & Labour Market Review (2007) [1], 24–28; doi:10.1057/palgrave.elmr.1410121

Suggested Citation

  • Robin Youll & Neil Parkin & Chris Hunt, 2007. "Measures of accuracy for the Index of Production," Economic & Labour Market Review, Palgrave Macmillan;Office for National Statistics, vol. 1(8), pages 24-28, August.
    • Handle: RePEc:pal:ecolmr:v:1:y:2007:i:8:p:24-28
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