Do we really know what the economy is doing?

Not long until GDP data is revised

I was reminded today that it's not long until GDP data is revised.  The Blue Book is published by the Office for National Statistics next month.  It will change the index used for the GDP deflator to CPI from RPI.  That might see some revisions to past estimates, as may any new data the ONS incorporates.  As others have pointed out, we may learn a bit more about how the economy has been recovering and may see some of our current assumptions questioned.

With markets driven often by each day's data release, we sometimes forget that it takes a while to know what's really going on.  That doesn't help policy-makers of course.

Stephen Beer, 22/09/2011

 
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