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Sunday, 28 February 2010

UK Q4 2009 GDP revised up

As expected the GDP was revised up to 0.3% in the final quarter of 2009 and could possibly be revised up further at the final reading.  The second reading is based upon 60% of the data needed to make a complete reading, compared to 40% for the first reading and 80% at the final reading.


It is interesting to note that 0.3% is within the forecast estimates given by economists before the first reading came out.  When the preliminary reading was 0.1% (outside of the forecast range) commentators in the press were quick to belittle the economics profession and the forecasts, questioning their competency.  I think it is probably time that economists questioned the competency of the press, who fail time and time again to understand statistics and their limitations.

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posted by Carl Malways at | 0 Comments Links to this post