The historic performance of the GLA's economic forecast model

Current Issues Note 49 looks at the accuracy of previous GLA Economics’ forecasts for the growth of total Gross Value Added, total employment, household expenditure and household income.

Revisions to the “historic data” had a significant impact on the performance of GLA Economics’ forecasts but nevertheless performed comparably with other forecasts produced of the London economy.

The note also outlines some areas for improvement in the forecasting process in light of the evolving nature and understanding of London’s economy.