Economy
ONS has today published an article setting out the impact on real GDP growth of previously announced improvements to the national accounts that will be introduced when revised figures, consistent with Blue Book 2018, are published on 29 June 2018.
Between Q2 1997 and Q4 2016, average quarter on quarter real GDP growth is unrevised, while the absolute revision to quarter on quarter real GDP growth is 0.05 percentage points. Average annual real GDP growth remains unchanged at 2.0%.
The estimated length and timing of the 2008/09 economic downturn is unrevised, while the peak to trough is revised slightly from -6.1% to -6.3%.
As set out on 13 April, the main improvements being introduced include improved estimates from the Bank of England of the measurement of 'net spread earnings', a correction to the estimate of the investment in computer software and improved data and methods for estimating the funds held by funded public sector pension schemes.
ONS Director of National Accounts Transformation Darren Morgan said:
"While the impacts of the improvements announced today are small, they ensure that ONS will continue to measure our changing and increasingly digital economy in the best way possible."
Employment and labour market
ONS has today published new analysis showing that almost three quarters of employees now contribute to a workplace pension.
Today's article shows that much of this rise is down to the introduction of automatic enrolment. Since October 2012, more than 9.5 million people have been automatically enrolled through the scheme.
In 2017, contributions by private sector employers to defined contribution schemes were concentrated at low levels – almost half contributed less than their new minimum rate of 2%.
Meanwhile, auto-enrolment has led to huge gains in pension participation in groups like the young and low paid.
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