Business leaders fear "new" recession.

chucky

a quick Google tells you that it started in the 2nd Quarter 2008 - Really2 you're right again.

The Office for National Statistics has today stepped in to correct UK economy growth figures which were issued in 2008 which now seem to indicate a downturn in the second quarter of 2008. The new figures show there was a marginal downturn in the second quarter therefore the UK recession officially started three months earlier than originally thought.

http://www.financialadvice.co.uk/news/12/ukeconomy/9795/When-did-the-UK-recession-officially-start-to-kick-in.html

Graham_Devon

So they did revise it then. Didn't know that.

The reason I didn't know that is that parliament was recently using figures from the unrevised entry point to recession.

So is government playing a sly one?

Really2

Graham_Devon wrote: »

So they did revise it then. Didn't know that.

The reason I didn't know that is that parliament was recently using figures from the unrevised entry point to recession.

So is government playing a sly one?

How, by revising the figures down to show we are in recession longer than originaly thought.
What would be the point to make our economy look worse?

I would of thought it makes more sense in an investment point of view to make the recession look as short as possible.

Graham_Devon

You are not reading what I said again.

They were using figures about the recession as if it started later, before the revision.

Therefore making it look as if we had been in recession for less time than we actually have.

nearlynew

Oh god !

Here we go...........

Really2

Graham_Devon wrote: »

You are not reading what I said again.

They were using figures about the recession as if it started later, before the revision.

Therefore making it look as if we had been in recession for less time than we actually have.

Graham_Devon wrote: »

The reason I didn't know that is that parliament was recently using figures from the unrevised entry point to recession.

Well I don't know what it refers to?

chucky

Really2 wrote: »

Well I don't know what it refers to?

don't do it Really, don't do it - just think of Star Wars!!

Really2

chucky wrote: »

don't do it Really, don't do it - just think of Star Wars!!

Is this the point where cod are smaller than ever is brought in to the conversation

nearlynew

Really2 wrote: »

Well I don't know what it refers to?

I think what graham is trying to say is that the government denied the recession was happening when it had already started and now things are not looking any better they are saying "yes it did start back then (when at the time they denied it) so there's not long to go till it ends because it started ages ago"

If he copied my writing style it would have been much easier.......

All he had to say was "the government are lying, corrupt b4stards and are not to be trusted"


Much more concise and less likely to be misinterperated.
Job done.

tomterm8

But GDP revision is normal at the start of the recession. GDP data is based on various models and assumptions that are almost always wrong when the trend changes. Happens pretty much all the time. The same is true coming out of a recession.