Saturday, May 17, 2014

Why UK GDP is set to improve

Data shake-up turns UK into nation of savers

For the first time in 15 years, the Office for National Statistics is preparing to rip up the way it measures Britain’s economy, with the new techniques showing a huge increase in the size of the economy, a higher level of public debt and a much increased savings ratio. There is also a good chance that the statisticians will significantly revise up growth recorded in the economy in 2012 and last year.

Posted by hpwatcher @ 10:01 PM (4071 views)
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5 thoughts on “Why UK GDP is set to improve

  • It’s a farce, it’s a con…but with the world in a severe depression it’s the only game in town.

    The only thing is that the actions of those trying to shorten the depression – and the widespread falsification of markets and data – are actually making matters much worse

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  • “From now on, the official figures will count future pension rights as if they were present income.
    With Britain one of the few countries to have a large funded defined-benefit pension system, the change will significantly raise measured household incomes, thereby increasing the savings ratio.”

    Makes sense. There’s an outside chance those government employees will actually get that trillion pounds (PV) and counting.

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  • It’s all sophistry.

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  • If the government are going to use the statistics to compare with previous periods to show what a great job they have been doing, it would be necessary to recalculate all the historic results using the same method. Otherwise the comparison will be completely meaningless, and will lead to politicians claiming that the world’s economy is doing far better than is actually the case.

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  • The change will add between 2.5% and 5% to GDP. Is that all? If you’re going to re-base the figures you may as well go for it. Nigeria added 75% to its GDP when it re-based its figures recently and leapfrogged South Africa as Africa’s biggest economy.

    PS It’s difficult to get all this extra money out of Nigeria so if I can siphon it out via your bank account……

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