Was UK GDP revised up or down?

Reports of the latest UK GDP figures are misleading. 

By , Guest blogger

If we are to believe the financial press version of the latest U.K. GDP report, U.K. GDP was revised up, with the quarterly growth number increasing from 0.1% (or 0.4% at an annualized rate) to 0.3% (or 1.2% at an annualized rate.

Yet if you look at the actual report, you can see that the yearly change was revised from -3.2% to -3.3%. The reason why the yearly change was revised down while the quarterly change was revised up was that the quarterly changes in previous quarter were much weaker, and as a result the absolute GDP level and the yearly change was in fact weaker than previously thought.

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