Economic Statistics Working Group Seminar - Real Time Indicators

Date: Wednesday 27 April 2022, 12.00PM
Location: Online
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Official statistics are often criticised for time lag involved in their publication. The ONS has been exploring a number of ways of producing faster indicators. During the epidemic conventional data collection became both more important and more difficult.

This meeting on faster indicators discusses those such as the ONS fortnightly Business Insights and Conditions Survey (BICS), and those derived from real time administrative data. Heather Bovill and Email D’Silva from ONS will present a producer perspective while Nick Bate from the Bank of England will elaborate on the contribution of these data to policy decisions.

Presentations will include:
ONS’ response to COVID or data after COVID – Grant Fitzner, Chief Economist, ONS

Faster indicators: The only game in GDP-town – Nick Bate, BoE
Hear how the Bank of England has been using faster indicators in its assessment of the economy since Covid hit.

Real Time Indicators: Capturing the economic and social impact to society within the UK – Emelia D’Silva-Parker
Insight into how faster indicators respond to emerging socio-economic trends within the UK across a wide range of themes reported in real-time.

Business Insights and Conditions Survey (BICS) – the survey that can adapt to the ever-changing economic picture – Heather Bovill, Deputy Director for Surveys and Economic Indicators, ONS
Faster indicators produced and published by the UK Office for National Statistics, such as the fortnightly Business Insights and Conditions Survey (BICS), have provided pivotal data used to measure and estimate the impact of challenges to the UK and to contextualise key performance metrics. Especially during the pandemic, when collection of data became more difficult and yet more crucial for decision making in important policy areas.  Heather will explain the impact and importance of BICS, how it has been used to support policy decisions and how it has involved to adapt to the ever changing economic picture.

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ESWG – the Economic Statistics Working Group - is a collaboration between the Royal Statistical Society, the Royal Economic Society, the Society of Professional Economists, Economic Statistics Centre of Excellence and the Office for National Statistics. Its objects are to raise the profile of, and to stimulate debate about, issues in economic measurement.