Jump to content
House Price Crash Forum
Sign in to follow this  
zugzwang

Ons Penking Around With The Gdp Series Again

Recommended Posts

Growth revised up 0.09% per year on average since 1998. Drug dealing and prostitution added £10bn to UK 'output' in 2009 alone! Anything to make those soaring deficits look more acceptable, eh George?

http://www.ons.gov.uk/ons/dcp171766_375965.pdf

ONS says downturn 'less deep' than originally thought

The Office for National Statistics has restated the national accounts going back to 1998 to 2012.

On average, growth has been revised up by 0.1 percentage points per year. During the recent economic downturn, growth was less weak than previously estimated while, coming out of the downturn, growth has been stronger. However, the length of the downturn remains unrevised. The recent downturn has been the deepest since ONS records began in 1948. The recovery has also been the slowest.

ONS Chief Economist Joe Grice said:

Despite the wide ranging improvements underpinning the new estimates, the broad picture of the economy has not changed much. Although the downturn was less deep than previously estimated and subsequent growth stronger, it remains the case that the UK experienced the deepest recession since ONS records began in 1948 and the subsequent recovery has been unusually slow.


Over the period 1998-2012, the overall size of revisions remains small at

an average of 0.1 percentage points per year.
Edited by zugzwang

Share this post


Link to post
Share on other sites

Imputed prostitution should generate a few more billion.

Think of all those economically inactive people who could be renting their bodies out, if they so chose to, within that parallel universe the ONS get their numbers from.

Share this post


Link to post
Share on other sites

So productivity less bad.

We'll go bankrupt like Greece shown to be politicised nonsense

Political austerity cuts were overdone

Wages can rise.

Share this post


Link to post
Share on other sites

Imputed prostitution should generate a few more billion.

Think of all those economically inactive people who could be renting their bodies out, if they so chose to, within that parallel universe the ONS get their numbers from.

The uglier the prozzy the lower they contribute to GDP.

There should be a rating team going around checking thinks like, facial deformity, cleanliness and date last tested. All will affect the value and therefore the imputed output.

Share this post


Link to post
Share on other sites

I'm sure they could put a value on intra-marital services.

In fact perhaps they could tax them. Barter is exchange after all and taxable.

this is a slippery slope,, im afraid.

Share this post


Link to post
Share on other sites

So productivity less bad.

We'll go bankrupt like Greece shown to be politicised nonsense

Political austerity cuts were overdone

Wages can rise.

Made no real difference to UK productivity, either pre- or post-2008.

So the headline story of weak productivity remains, and the latest GDP growth revisions do not
offer a solution to the ‘productivity conundrum’. Output per hour is now estimated to be close to
12% below its projected path by Q4 2012, had productivity maintained its pre-downturn trend. The
previously published estimate was 14% below trend on a comparable basis. On either basis, there
was a substantial break in productivity performance from previous trends in 2008. The pre-2007
productivity growth path (based on average quarterly growth in productivity in the decade between
1997 and 2006) is itself unchanged using the latest data.

Share this post


Link to post
Share on other sites

They've been standardised across the EU so that members of the EU can be compared on a like for like basis.

If you have some states like Holland where prostitution and drugs are fairly open if not legal, then it makes sense to include them for other states even if there are no tax receipts and it is harder to collect the data.

It is important because gdp is used to set EU contributions and budgets.

I was just about to suggest googling Il Sorpasso. But alas, that just comes up with a film of that name.

The event I had in mind was when the Italians estimated the size of their black economy, added it to the size of the official economy, and concluded that they'd overtaken the UK. That was embarrassing for some, and they had to expand the G5 to the G7 when the UK was knocked out of the official top 5.

Share this post


Link to post
Share on other sites

I'm sure they could put a value on intra-marital services.

In fact perhaps they could tax them. Barter is exchange after all and taxable.

Even better, how much does a lady of the night charge for a handjob? By ONS logic, every time somebody rubs one out on their own they're adding that amount of money to imputed GDP. If we added w*nking to the official stats it would probably put UK GDP in the tens of trillions.

Share this post


Link to post
Share on other sites

Even better, how much does a lady of the night charge for a handjob? By ONS logic, every time somebody rubs one out on their own they're adding that amount of money to imputed GDP. If we added w*nking to the official stats it would probably put UK GDP in the tens of trillions.

If a dog poos in the street and the council clean it up, that's on GDP - but not if a householder does it. so ONS need to do some research and calculate the homeowner dogs hit cleanup rate to add to the figures too.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   205 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.