Understanding the economy
Quarterly National Accounts
One of the main functions of ONS is to measure economic activity taking place in the UK economy and present it in a sequence of integrated standard National Accounts that depict production, consumption and the accumulation of assets undertaken by the resident institutional units of the UK. The Accounts provide a comprehensive, coherent and timely picture of the economy and inform decision making by government, business and the wider community, including international institutions such as Eurostat, the International Monetary Fund, the World Bank and the United Nations. The UK National Accounts are widely regarded by the international community to be among the best in the world.
Short-term Economic Indicators
Supporting the National Accounts is a range of indicators, which paint a picture of what is happening in the economy in the shorter term. They help to monitor government policies and to inform decision making by government (including HM Treasury and the Monetary Policy Committee) and others, such as City analysts. These indicators include the monthly Index of Production and an experimental Index of Services.
Prices
The Consumer Prices Index (CPI) is the macroeconomic measure of consumer price inflation. It forms the basis for the Government's inflation target, which the Bank of England's Monetary Policy Committee is required to achieve. Alongside the CPI, ONS also produces a further critical measure of inflation in the Producer Price Index (PPI), a monthly survey that measures the price changes of goods bought and sold by UK manufacturers.
Labour Market
Labour Market statistics measure many different aspects of the labour market and provide an insight into the economy. They are also very much about people, including their participation in the labour force, the type of work they do, the earnings and benefits they receive, their educational qualifications and their working patterns. Labour Market statistics are used for the analysis, evaluation, monitoring and planning of the economy and labour market. They are also used for social analysis and help to inform a wide range of government policies towards population groups of particular concern, eg women, young people, older people and workless households.
Economic Analysis
Our economic analysis team contributes across a range of areas and disciplines, such as improving understanding of the macroeconomy and the emerging economic issues that will determine data and analytical requirements in the future.
ONS economic statistics in the news - links or headline images
