Was UK GDP revised up or down?
Reports of the latest UK GDP figures are misleading.
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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