UK economy in shock slowdown as recovery loses steam

[AtW]

" Britain's recovery is losing steam, according to official data that showed growth this year was weaker than previously thought.

The economy expanded by just 0.4pc between July and September, from a previous estimate of 0.5pc, according to revised figures published by the Office for National Statistics (ONS).

Growth in the second quarter was also revised down to 0.5pc compared with the previous quarter. Statisticians had previously thought the economy grew by 0.7pc over the period"

Source: UK economy in shock slowdown as recovery loses steam - Telegraph

Yes, it's from the same newspaper, please take a moment to read article linked from same Financial page: Consumer-led recovery gathers steam

Welcome to Osborne's doublethink

[BrilloPad]

The economy expanded by just 0.4pc between July and September, from a previous estimate of 0.5pc, according to revised figures published by the Office for National Statistics (ONS).

Only 20% out in their estimate then.

[Zero Liability]

Not to worry, they'll find new ways of re-defining the GDP, or the PCE/CPI, to put Britain back on the path of growth.

[AtW]

Only 20% out in their estimate then.

They were off just a tad...

[BrilloPad]

Not to worry, they'll find new ways of re-defining the GDP, or the PCE/CPI, to put Britain back on the path of growth.

Why redefine? Just add some more QE. Or more immigrants.

[DimPrawn]

Why redefine? Just add some more QE. Or more immigrants.

Or more house price rises and you get "imputed rent" added to the GDP without anyone having to work, make anything, sell anything or buy anything.

Press | New Economics Foundation

Boomed!

[Zero Liability]

Why redefine? Just add some more QE. Or more immigrants.

They do the re-defining thing an awful lot, as and when it suits. Although you raise a good point, maybe just tack a nice juicy multiplier onto the anticipated effects of QE or migration, and voila, more growth!

Or more house price rises and you get "imputed rent" added to the GDP without anyone having to work, make anything, sell anything or buy anything.

To think, it took our species some 10k or however many years to discover this insight.