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Thursday, February 25, 2016

The ONS Continues To Live In The Past

As I have often noted on this site, the statistics provided by the ONS are worse than worthless:

1 They are out of date, and

2 They are invariably revised.

Well hats off to the ONS this time for disproving point 2 above. As per their Second Estimate of GDP, Quarter 4 (Oct to Dec) 2015 published today:
"UK GDP in volume terms was estimated to have increased by 0.5% between Quarter 3 (July to Sept) 2015 and Quarter 4 (Oct to Dec) 2015, unrevised from the preliminary estimate of GDP published on 28 January 2016."
Whilst this is all very well and good that they have not been revised, Q3 and Q4 2015 have long since gone. These statistics are out of date and meaningless wrt understanding what is happening now in the economy and policy decisions that affect the future.

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