Problems in measuring the growth rate

Abstract

In this paper, therefore, I propose to describe how G.N.P. at constant prices is derived and to indicate some of the difficulties experienced in what is called "deflating G.N.P. to constant prices". Such information will help, I hope, to instil caution in the users of the national accounts, who may not be aware of the considerable difficulties involved and the approximations which have to be made in compiling data at constant prices. Furthermore, it is hoped that the information provided will elicit in due course suggestions for improvement from the users of the statistics.