Three Centuries of Data

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Three Centuries of Data

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Three centuries of data

Front pageContents1. Real GDP2. Nominal GDP3. Quarterly GDP data 1924-20094. GDP(E) components 1830-2009 - values5. GDP(E) components 1830-2009 - volumes6. Component contributions to GDP(E) growth 1830-20097. Money, interest and prices8. Fiscal data9. Exchange rate data10. External Trade data11. Saving ratio data12. Supply side data

"The UK recession in context what do three centuries of data tell us?" - Data Annex

This spreadsheet contains most of the data used for the 2010 Q4 Quarterly Bulletin article "The UK recession in context what do three centuries of data tell us?" by Sally Hills, Ryland Thomas and Nicholas Dimsdale. It contains all the series for which we were able to obtain permission from the publishers /owners to show in our dataset. We hope the spreadsheet will be of use to students and researchers of the UK's economic history. Please note the spreadsheet has been constructed on a 'best endeavours ' basis. Although most of the data has been checked against original sources for the Bulletin article, some errors and omissions may remain and users are advised to consult the original sources as a crosscheck. The authors would be very grateful if users of the spreadsheet could notify them of any errors they come across at sally.hills@bankofengland.co.uk or ryland.thomas@bankofengland.co.uk. In the future we may update the spreadsheet for new series and data outturns and would welcome feedback from users on additional sources of data that we may have overlooked or for general suggestions about the organisation of the spreadsheet.

For the GDP data we have provided the various chains of raw data so that the method of calculating the composite times series is clear. For other data we just show continuous series that join or splice the different chains of data together. In most cases there are breaks or level differences between the different chains of data in the period(s) where they overlap ,due largely to methodological and classification differences. The method of splicing typically involves taking the most up to date source of the data (typically Bank of England or ONS) and projecting this backwards in time using the growth rates of earlier historical chains of data or, where appropriate , using changes in the historical chains of data. But in some cases (eg the fiscal data) we have left some breaks in the series. As discussed in the main article, contributions to GDP are evaluated within the historical chains of data. The data are organized into several worksheets which are listed with hyperlinks below:The references in the different worksheets refer to the following sources:

Data Sources and other references

Broadberry, S N and van Leeuwen, B (2010), British economic growth and the business cycle, 1700-1870: annual estimates, Department of Economics, University of Warwick, available at http://www2.warwick.ac.uk/fac/soc/economics/staff/academic/broadberry/wp/annualgdp9.pdf. (Please contact the authors directly for these data)Boyer G R and Hatton T J (2002), 'New estimates of British Unemployment, 1870-1913', Journal of Economic History (62), pages 643-75.Capie, F and Webber, A (1985), A Monetary History of the United Kingdom, 1870-1982, Volume 1, Routledge.Cato, L V and Solomou, S N (2005), Effective exchange rates and the classical gold standard adjustment, American Economic Review, 95(4), pages 125975.Collins, M (1986), Sterling Exchange Rates, 1847-1880, The Journal of European Economic History Vol. 15, No. 3, pages 511-33Crafts, N F R and Mills, T C (1994), Trends in real wages in Britain, 1750-1913, Explorations in Economic History, Elsevier, Vol. 31 (2), pages 176-94.Cuenca Esteban J (1997), The rising share of British industrial exports in industrial output, 1700-1851 The Journal of Economic History, Vol. 57, No. 4, pages 879-906.Deane, P (1968), New estimates of Gross National Product for the United Kingdom 1830-1870, The Review of Income and Wealth, Vol. 14 (2), pages 95-112.Dimsdale, N H (1981), British monetary policy and the exchange rate 1920-38, Oxford Economic Papers, Supplement.Domit, S and Shakir, T (2010), Interpreting the world trade collapse, Bank of England Quarterly Bulletin, Vol. 50, No. 3, pages 183-89.Feinstein, C H (1972), National income, output and expenditure of the United Kingdom 1855-1965, Cambridge: Cambridge University Press.Feinstein, C H and Pollard, S (1988), Studies in capital formation in the United Kingdom 1750-1920, Clarendon Press.Janssen, N, Nolan, C and Thomas, R (2002), Money, debt and prices in the United Kingdom, Economica, Vol. 69, No. 275, pages 461-79. Lewis, W A (1981), The rate of growth of world trade, 1830-1973, in Grassman, S and Lundberg, E (eds), The World Economic Orders: Pasts and Prospects. Palgrave Macmillan.Middleton, R (1996), Government versus the Market, Edward Elgar.Mitchell, B R (1988), British Historical Statistics, Cambridge University Press.Mitchell J, Solomou S N and Weale M (2009), Monthly and quarterly GDP estimates for interwar Britain, NIESR Discussion Paper no. 348, National Institute of Economic and Social Research.O'Donoghue J, Goulding L and Allen G (2004), "Consumer Price Inflation since 1750", ONS Economic Trends 604, March 2004.Officer, L H (1996), Between the dollar-sterling gold points, Cambridge University Press.Sefton, J and Weale, M (1995), Reconciliation of National Income and Expenditure: balanced estimates of national income for the United Kingdom,1920-1990, Cambridge University Press.Solomou, S N and Vartis, D (2005), Effective exchange rates in Britain, 1920-1930,The Journal of Economic History, Vol. 65, No.3, pages 850-59.Solomou, S N and Weale, M (1991), Balanced estimates of UK GDP 1870-1913, Explorations in Economic History, Vol. 28, No. 1, pages 54-63.1. Real GDP2. Nominal GDP3. Quarterly GDP data 1924-20094. GDP(E) components 1830-2009 - values5. GDP(E) components 1830-2009 - volumes7. Money, interest and prices8. Fiscal data9. Exchange rate data10. External Trade data11. Saving ratio data12. Supply side data6. Component contributions to GDP(E) growth 1830-2009

Real GDPComposite measure of real GDP at factor costAlternative data series not used: these can be used, for example, to create market price volume measures from the various chains of data.SourcesChained composite measure of GDP. Chained volume measure mn, reference year 2006, using components in Cols D to I (see Appendix of QB article).Annual growthBroadberry and van Leeuwen (2010) real GDP 1850=100 (Please contact the authors directly for this series)Feinstein's GDP(E) factor cost estimate from Mitchell (1988) Page 837, 1830-1913, mn 1900 pricesFeinstein's GDP at factor cost 'Compromise estimate' 1855-1920 from Mitchell (1988) Page 836, 1913=100Solomou and Weale (1991): Balanced estimate of GDP for 1870-1913, mn 1900 constant factor cost. Table 3.Sefton and Weale (1995): Balanced Gross Domestic Product at factor cost (m 1938 constant factor cost) 1920-1948. Table A.3 Pages 188-189ONS: GDP at factor cost, Chained volume measure, mn 2006 reference yr prices (Code YBHH)Feinstein's GDP at factor cost 'Compromise estimate' 1920-48 from Mitchell (1988) Page 836, 1913=100Feinstein's GDP(E) market price estimate from Mitchell (1988) Page 837, 1830-1913, mn 1900 pricesFeinstein's GDP(E) market price estimate from Mitchell (1988) Page 837, 1913-1920, mn 1938 pricesFeinstein's GDP(E) factor cost estimate from Mitchell (1988) Page 837, 1913-1920, mn 1938 pricesFeinstein's GDP(E) market price estimate from Mitchell (1988) Page 837, 1920-1948, mn 1938 pricesFeinstein's GDP(E) factor cost estimate from Mitchell (1988) Page 837, 1920-1948, mn 1938 pricesSefton and Weale (1995): Balanced GDP at market prices (m 1938 constant prices) 1920-1948. Table A.3 Pages 188-189ONS: GDP(A) at market prices, Chained volume measure 1948-2009, mn 2006 reference yr pricesONS: GDP(A) at basic prices, Chained volume measure 1948-2009, mn 2006 reference yr prices16881689169016911692169316941695169616971698169917001701170217031704170517061707170817091710171117121713171417151716171717181719172017211722172317241725172617271728172917301731173217331734173517361737173817391740174117421743174417451746174717481749175017511752175317541755175617571758175917601761176217631764176517661767176817691770177117721773177417751776177717781779178017811782178317841785178617871788178917901791179217931794179517961797179817991800180118021803180418051806180718081809181018111812181318141815181618171818181918201821182218231824182518261827182818291830357614324701831374174.63452491183236837-1.554454841833374171.574524911834390734.424725121835411425.304975381836418041.61505548183741556-0.595025441838438745.585305741839458614.53554599184044536-2.89538582184142798-3.90517561184242549-0.585145571843438743.115305741844462755.475596051845487585.375896371846521526.96630680184750827-2.546146631848524833.266346841849531451.26642694185052235-1.716316821851545534.446597121852556291.976727261853572022.836917471854582781.887047601855591881.5671531.77711856619894.7374533.28031857619890.0075333.28131858621760.3074133.38011859647904.2079334.78551860659101.7378735.38501861674042.2782036.18851862681511.1182236.58881863698312.4786137.49281864709511.6087538.09441865741254.4791939.79911866746860.7692640.01000186773752-1.2592639.510011868761793.2995740.810341869776731.9697741.610561870842088.41106345.199611431871885205.12108446.8104711681872886040.10107446.9104811611873892810.76108748.4105611771874930014.17115548.7110012481875938460.91114650.0111012411876944380.63114550.3111712411877949450.54113251.0112312281878957060.80120450.711321300187993593-2.21113151.11107122518801009487.86127653.01194137218811029772.01124655.21218134218821047531.72125856.71239135418831081353.23133257.3127914301884107205-0.86133857.6126814361885106275-0.87131557.21257141318861070350.72133258.21266143018871114324.11137460.3131814741888114