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Monday, July 12, 2010

Recession Worse Than Thought

The ever "reliable" Office of National Statistics (ONS) has issued revised data for the UK economy for Q1 2010.

The revised data shows a decline in output of 6.4%, compared with the original data that showed a 6.2% decline in output.

However, the ONS has left its earlier estimate for Q1 growth of 0.3% unchanged.

The bad news is that the "growth" was on the back of a revised increased in government consumption of 1.5%, rather than the original increase estimate of 0.5%.

Quite what use these statistics, and indeed the ONS, are to anyone given that they are subject to regular revision and that they are after the event eludes me.

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