Forecast evaluation report – October 2013

Our annual Forecast evaluation report (FER), published each autumn, examines how our forecasts compare to subsequent outturn data and identifies lessons for future forecasts.

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Forecast evaluation report - October 2013

October 9, 2013 – 953.16 KB

Supporting documents

Supplementary documents

Information or data which has been released as a result of external requests, since the original publication of the main document.

Presentations

Boxes

Within each of our key publications we include topical ‘boxes’. These self-contained analyses are unique to this publication and tend to cover recent developments in the economy or public finances that complement the main discussion of our analyses.

Rewriting history: the 1990s recession and recovery

Rewriting history: the 1990s recession and recovery
Revisions to National Accounts data are a normal part of the Blue Book process, which reconciles the different measures of GDP and incorporates information from annual data sources. This box explored how the estimated path of the 1990s recession and recovery evolved from estimates made in the 1992 Blue Book to estimates made in the 2013 Blue Book.

Economy categories: Real GDP, Economic data revisions

Cross-cutting categories: Blue Book, Data revisions

How has the story changed since last year?

How has the story changed since last year?
In our 2012 Forecast Evaluation Report, we noted that nominal GDP had held up closer to our June 2010 forecast than real GDP, helping to explain why our fiscal forecasts out to 2011-12 had remained broadly on track. This box in our 2013 Forecast Evaluation Report discussed how this assessment changed in light of revisions to GDP data. While nominal GDP now appeared to be weaker than forecast, the relatively tax-rich components - such as nominal consumption and wages and salaries - held up relatively well.

Economy categories: GDP deflator, Real GDP, Economic data revisions, GDP by expenditure, Nominal GDP

Cross-cutting categories: Data revisions

Some recent analysis of fiscal multipliersa

To estimate the impact of a measure or package on the economy, we use a set of fiscal multipliers. This box outlines some recent research on the size of multipliers, how the multiplier varies during the economic cycle and how multipliers 'taper' over time.

Economy categories: Government consumption, GDP by expenditure

Fiscal categories: Structural deficit

Cross-cutting categories: Fiscal multipliers

The impact of forestalling on income tax receipts

The impact of forestalling on income tax receipts
An additional rate of income tax of 50p for incomes over £150,000 was introduced in April 2010. Budget 2012 announced that this rate would be reduced to 45p from April 2013. This box explored how incomes were shifted (forestalled) in response to these policy changes

Fiscal categories: Receipts, Income tax

Cross-cutting categories: Forestalling