This follows the latest international guidance and will feature as part of the production and income approaches to measuring GDP. We explain how we propose to treat the Coronavirus Job Retention Scheme (CJRS) and Self-Employment Income Support Scheme (SEISS) in the UK National Accounts and the public sector finances ( Section 5). We also explain how we have been carrying out research on these topics to provide the most informed estimates available at this stage. In this article, we describe how those transactions that are most likely to be impacted by the pandemic will be reflected in the production, income and expenditure measures of GDP ( Section 3), including how we have reflected this accordingly in our volume-based estimates of health and education output ( Section 4). We are responding to these challenges so that we capture the economic activity of the UK in line with the latest international guidance. The response to COVID-19 will also impact on the ability of National Statistical Institutes (NSIs) to compile estimates of gross domestic product (GDP), inflation and the labour market. The impact is expected to reflect the length of the pandemic as well as the public health restrictions imposed and other voluntary social distancing measures. Forecasters expect the coronavirus (COVID-19) pandemic to lead to a contraction in the UK and global economy this year, reflecting how it has led to a reduction in the demand for goods and services and the impact on the ability of businesses to supply those products.
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