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Industry Contributions to GDP Quarterly Growth

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  • Marcus Cobb

Abstract

The use of chain-linked methods reduces significantly the problem of price structure obsolescence present in fixed base environments. However, price updating introduces a new dimension that may produce confusion if not accounted for. Probably the most notorious difficulty generated by the introduction of chain-linked indices has been that an aggregate is not the direct sum of its components, therefore, making it harder to explain its behaviour. This document develops a framework to understand, from the industry perspective, the elements that affect the behaviour of an aggregate obtained using the annual overlap chain-linking method. In the process, an exact expression for the industry contribution to the quarterly GDP growth is presented that is consistent with the annual contribution and that only requires the real quarterly figures and the nominal annual values.

Suggested Citation

  • Marcus Cobb, 2013. "Industry Contributions to GDP Quarterly Growth," Economic Statistics Series 100, Central Bank of Chile.
    • Handle: RePEc:chb:bcchee:100
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    File URL: https://si2.bcentral.cl/public/pdf/estudios-economicos-estadisticos/pdf/see100_ENG.pdf
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    References listed on IDEAS

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    1. Joe Robjohns, 2007. "Methods explained: Contributions to growth rates under annual chain-linking," Economic & Labour Market Review, Palgrave Macmillan;Office for National Statistics, vol. 1(6), pages 53-56, June.
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    Cited by:

    1. Wolfgang Nierhaus, 2016. "Previous Year’s Prices: Aggregation and Growth Contributions," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 69(11), pages 39-45, June.
    2. Marcus Cobb, 2014. "GDP Forecasting Bias due to Aggregation Inaccuracy in a Chain- Linking Framework," Working Papers Central Bank of Chile 721, Central Bank of Chile.

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