Bobbie Bobster Posted September 7, 2014 Share Posted September 7, 2014 Found this blog on The Independent: How has the picture of the UK economy changed? TL;DR version: Better, but still dreadful. Number-crunchers have been in overdrive today because the Office for National Statistics has unveiled how a pan-European overhaul of GDP statistics has affected its estimates of the performance of the British economy in recent years. This is a purely a measurement issue. It stems from, among other things, changes in how research expenditure by firms is recorded by statisticians and also new estimates of the size of the domestic market for illegal drugs and prostitution. The changes don’t mean we’re financially any better off than before the ONS published the new data. Nevertheless, the revisions do shift the GDP growth picture materially. So how has that picture changed? Well, the ONS now thinks the great 2008-09 recession was less severe than before: Rather than falling by 7.2%, the level of real GDP sank by 6% (which is incidentally in line with the ONS’s contemporary estimates from 2008/09). Link to comment Share on other sites More sharing options...
spook Posted September 7, 2014 Share Posted September 7, 2014 For as long as the GDP of a country is interpreted as its economic health the true economic health will never be clear to most people. Take the UK. The balance of trade is horrendous.and doubly so if the funding of private debt is factored in. All the GDP shows is what it says on the tin - the Gross Domestic Product. No indication if that economic activity is being supported, or in the case of the UK driven by ever increasing public and private sector money markets. We are in an even worse position as AFIK thus far the fools in CoMin have not started to overtly borrow to address our shortfall between tax take and government spend, instead they are flogging off everything that's not nailed down to get hold of funds for their stupid vanity nonsense schemes. A cull the Civil Service is desperately needed using the Thatcher principle of living within the means, not the wants. The size of our civil Service is a cancer that must be excised. We can not afford this parasite. Link to comment Share on other sites More sharing options...
woody2 Posted September 7, 2014 Share Posted September 7, 2014 what is the debt of the iom? around 10bn? Link to comment Share on other sites More sharing options...
hillshepherd Posted September 7, 2014 Share Posted September 7, 2014 what is the debt of the iom? around 10bn? too fucking much. Link to comment Share on other sites More sharing options...
spook Posted September 7, 2014 Share Posted September 7, 2014 what is the debt of the iom? around 10bn? If public and private debt are lumped together, as they should be, I suspect that a considerably higher figure would emerge. Especially if future commitments are factored in. Expenditure that must be made in the future such as pension commitments and more besides. Link to comment Share on other sites More sharing options...
razamoon Posted September 9, 2014 Share Posted September 9, 2014 Very nice post Link to comment Share on other sites More sharing options...
Bobbie Bobster Posted September 10, 2014 Author Share Posted September 10, 2014 Wahey! The Department of Economic Development has launched an important survey which will be used to assist in the calculation of the Isle of Man’s National Income as measured by Gross Domestic Product (“GDP”). http://www.gov.im/news/2014/sep/09/meeting-international-standards-for-measuring-gross-domestic-product/ Link to comment Share on other sites More sharing options...
Albert Tatlock Posted September 10, 2014 Share Posted September 10, 2014 I thought our main Gross Domestic Product was Geoff Corkish. Link to comment Share on other sites More sharing options...
GD4ELI Posted September 10, 2014 Share Posted September 10, 2014 I thought our main Gross Domestic Product was Geoff Corkish. Correct. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted September 10, 2014 Share Posted September 10, 2014 I thought our main Gross Domestic Product was Geoff Corkish. Correct. Er...that's what I meant...cos he was 'born' here. Link to comment Share on other sites More sharing options...
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