Sharp contraction for UK economy

Graham_Devon

Crabs wrote: »

This was perhaps the most Striking comment "The annual rate of decline for the first quarter was revised to 4.9% - the worst contraction the British economy has ever seen."

It is just so patently obvious that the Economy has a way to go down, & with it Property prices, which are still way too high in many areas ..

Yer, it doesnt seem many have picked up on it though.

I didnt either. As I'm quite used to seeing records broken now when it comes to bad news!

mbga9pgf

Bet next quarter is just as bad...

THose idiots at the ONS dont have a clue. I posted numerous times the contraction was going to be 5%+ on here and elsewhere back last year, lets see what the ons thought May last year:



Its laughable how some bloke on the internet can blow the official prediction out the water with a back-of-a-fag-packet calc (working out how much money was lost as a result of falling house prices and 0 Mortgage Equity Withdrawl) when they have flippin supercomputers and advanced computer models working out pretty trash like the above graph...

Thrugelmir

mbga9pgf wrote: »

Bet next quarter is just as bad...

THose idiots at the ONS dont have a clue. I posted numerous times the contraction was going to be 5%+ on here and elsewhere back last year, lets see what the ons thought May last year:



Its laughable how some bloke on the internet can blow the official prediction out the water with a back-of-a-fag-packet calc (working out how much money was lost as a result of falling house prices and 0 Mortgage Equity Withdrawl) when they have flippin supercomputers and advanced computer models working out pretty trash like the above graph...

ONS figures are based on returns from Companies produced on a quarterly and annual basis. Some of the returns are extremely detailed. And aren't produced say from the Profit & Loss on your management accounts. The ones I hated over the years were Capital Expenditure which could take days. We ofren got extensions to filling returns as didn't have the manpower to complete within the allotted time frame.