§ Mr. CousinsTo ask the Chancellor of the Exchequer if he will list(a) the initial and (b) revised quarterly figures for company profits in the national statistics for the last 10 quarters; and what plans he has to review the quality of reporting of company profits in the national statistics. [90932]
§ Ms HewittThe information requested falls within the responsibility of the Director of the Office for National Statistics. I have asked him to reply.
Letter from Tim Holt to Mr. Jim Cousins, dated 13 July 1999:
As Director of the Office for National Statistics (ONS), I have been asked to reply to your recent parliamentary question on company profits.Company profits covers the profits of the non-financial corporations sector, including Continental Shelf companies. The available estimates for growth in non-financial company profits are shown in the table below:187W
First estimate Latest estimate 1996 Q3 3.0 3.7 Q4 2.0 0.3 1997 Q1 -0.7 -0.7 Q2 0.9 2.2 Q3 3.7 2.0
First estimate Latest estimate Q4 -0.1 -1.5 1998 Q1 -1.5 -1.9 Q2 -0.5 0.0 Q3 -0.7 -1.9 Q4 -3.5 Release date 29 July 1999 The first estimate is that published about 12 weeks after the end of the quarter concerned. The first estimates up to and including Q1 1998 were based on definitions of profits based on earlier accounting definitions. The other estimates are based on the European System of Accounts (ESA) 1995. The difference in definition had little effect on the estimates of growth. The latest estimates were those published on 22 March 1999. The initial estimate of company profits for the first quarter of 1999 will be published in the Quarterly National Accounts Press Release, a copy of which will be available in the House of Commons Library, on 29 July.
It is ONS policy to keep the qualify of reporting of company profits under continuous review.
§ Mr. CousinsTo ask the Chancellor of the Exchequer if he will estimate the change in service sector productivity over the last four years; and what plans he has to review the quality of estimates for national statistics on service sector productivity. [90931]
§ Ms HewittThe information requested falls within the responsibility of the Director of the Office for National Statistics. I have asked him to reply.
Letter from Tim Holt to Mr. Jim Cousins, dated 13 July 1999:
As Director of the Office for National Statistics (ONS), I have been asked to reply to your recent parliamentary question on productivity.Although various published ONS datasets can be used to derive an estimate of productivity for the services sector, there are conceptual differences between these series that still need to be addressed. ONS will wait until a programme of improvements has been introduced and the results quality assured, before publishing official estimates of service sector productivity.The work programme for the coming months includes new productivity estimates using output and employment data collected on the same basis. We intend to construct a new series will be constructed using hours worked rather than employment numbers as the denominator, and, in the longer term, an index of service sector output and estimates service sector productivity.