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The Office for National Statistics revised Britain's economic data, showing a 0.6% growth in the economy by the end of 2021.
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Key Points
- The Office for National Statistics (ONS) in Britain made significant adjustments to the country's economic data, revealing that the economy was actually 0.6% higher at the end of 2021 than previously reported.
- These revisions have a notable impact on Britain's performance relative to other countries, positioning it as a global laggard with weaker growth among the G7 group of leading economies.
- However, after the revisions, Britain's performance appears more respectable, with growth comparable to that of France and outpacing Germany.
- The adjustments made by the ONS highlight the importance of accurate economic data and the potential for significant changes in economic narratives.
- The revisions also emphasize the need for ongoing monitoring and analysis of economic data to ensure accurate assessments and decision-making.
Summaries
19 word summary
The Office for National Statistics adjusted Britain's economic data, revealing a 0.6% higher economy at the end of 2021.
37 word summary
Britain's Office for National Statistics (ONS) made significant adjustments to the country's economic data, revealing that the economy was 0.6% higher at the end of 2021 than previously reported. This revision has had notable implications for Britain's
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Britains statisticians fix a blunder and find a bigger
economy
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Britain
\|
Dismal science
Britains statisticians fix a blunder and
find a bigger economy
The figures
used to look abysmal. Now theyre only poor
image: Alamy
Sep 4th 2023
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EVISIONS TO ECONOMIC
data are
common. Its rare that tweaks to already published figures make big
news. But then its also rare for statisticians at the Office for
National Statistics (
ONS
), the body that produces
Britains official data, to make dramatic adjustments. Last week, in
effect, they found almost two percentage points worth of
GDP
hidden behind a sofa.
In an
update on September 1st, the
ONS
rewrote Britains
recent economic history
Previously official data had shown the economy, at the end of 2021, to
be still 1.2% below its pre-pandemic size. Now it reports that national
output at the time was in fact 0.6% higher. As the government has been
quick to point out, the revisions make a notable impact on Britains
performance relative to its peers. For much of the past two years
Britain had appeared to be a global laggard, with the weakest growth of
any of the
G7
group of leading rich economies. After the
revisions the performance, if hardly stellar, looks more respectable.
Britain has been outgrowing Germany, for example, and has achieved a
pace comparable to that of France (see chart).
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