>Britain’s economic performance over the Covid-19 pandemic was significantly better than previously thought, the Office for National Statistics said on Friday as it added nearly 2 per cent to the size of the economy.
>Its annual examination of previously published data showed the contraction at the height of the crisis in 2020 was not as deep as initially thought, as it found companies had been adding to piles of unsold stocks rather than running them down. For 2021, a closer look at wholesale companies and the health sector produced very large upward revisions.
>The changes mean that by the end of 2021, the UK economy was 0.6 per cent larger than pre-pandemic levels rather than the 1.2 per cent contraction shown in the original data.
>This is a developing story
So turns out the UK was actually never a ‘global outlier’ in regards to economic performance over COVID.
The rallying cry of some of ‘Only economy in the G7 not to reach pre-pandemic levels’ is very much in the bin.
That’s the danger of putting so much faith in economists for your political arguments.
Economists are more wrong, than they are correct.
Does this mean that our economy has been even weaker than we thought since then then?
If the figures are based on annual change and the figure for the last year was higher than previously stated surely, assuming this years figures are correct, growth is even lower now.
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>Britain’s economic performance over the Covid-19 pandemic was significantly better than previously thought, the Office for National Statistics said on Friday as it added nearly 2 per cent to the size of the economy.
>Its annual examination of previously published data showed the contraction at the height of the crisis in 2020 was not as deep as initially thought, as it found companies had been adding to piles of unsold stocks rather than running them down. For 2021, a closer look at wholesale companies and the health sector produced very large upward revisions.
>The changes mean that by the end of 2021, the UK economy was 0.6 per cent larger than pre-pandemic levels rather than the 1.2 per cent contraction shown in the original data.
>This is a developing story
So turns out the UK was actually never a ‘global outlier’ in regards to economic performance over COVID.
The rallying cry of some of ‘Only economy in the G7 not to reach pre-pandemic levels’ is very much in the bin.
That’s the danger of putting so much faith in economists for your political arguments.
Economists are more wrong, than they are correct.
Does this mean that our economy has been even weaker than we thought since then then?
If the figures are based on annual change and the figure for the last year was higher than previously stated surely, assuming this years figures are correct, growth is even lower now.