Macro Mysteries: The Shocking Revision to UK GDP
The Office for National Statistics (ONS) published revised GDP figures, upending the post-pandemic economic narrative.
It turns out that Britain’s economy recovered much quicker than previously thought and is no longer an international outlier. So how did the ONS find a load of economic output down the back of the sofa?
And in today’s Dumb Question of the Week: What could we measure instead of GDP?
Selected links
- Impact of Blue Book 2023 changes on gross domestic product - Office for National Statistics
- What is GDP and how do we measure it? | National Statistical
- China’s Official Economic Data: Is It Accurate? | St. Louis Fed
- Beyond GDP: Three Other Ways to Measure Economic Health | St. Louis Fed
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