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Explain the problems that the Office for National Statistics would encounter estimating GDP of the UK economy.
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- Words:
- 927
- Submitted:
- Thu Jul 11 2002
... Craig Rothery 13CJ a. Explain the problems that the Office for National Statistics would encounter estimating GDP of the UK economy. There are many problems that can be encountered when estimating GDP of the UK economy. Inaccuracies can arise for a number of reasons. The hidden economy is one such problem. This 'shadow economy' is where taxes are evaded by various methods. The most common is to work and be paid in cash, thus avoiding the need to declare income to the tax authorities and avoiding income tax. There is also a substantial amount of 'welfare cheats' who claim benefits they are not entitled to. It is difficult to estimate the size of the hidden economy, and so the true size of GDP is underestimated. It is estimated that the size of the hidden economy is as large as 7-15% of GDP, meaning that GDP is underestimated by at least 7%. Another
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