Originally posted by NickFitz
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Reply to: GDP and margins of error
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Previously on "GDP and margins of error"
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Might have somthing to do with the fact that a) the Nordic countries know what they are doing in snow b) they weren't wrecked by a twat called Gordon Brown and his bastard Labour party
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If it looks good, it's completely accurate and the government is responsible. If it looks bad, there's a wide margin of error and it's due to factors outside the government's control, such as snow.
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Well, 0.1% is about 1.5 billion pounds. I would hope they are accurate to the nearest billion or so.Originally posted by Mich the Tester View PostIs it really possible to state that the economy has 'grown by 0.2%' or 'shrunk by 0.3%'? Are the measurements really that accurate or is there some margin of error within which such statements are actually at best rather spekulative (sic) and at worst nonsense?
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But by how much do they adjust it? What is the bandwidth of these post-sorting-out-the-data corrections?Originally posted by Doggy Styles View PostIsn't the headline a preliminary figure, which they sometimes adjust up or down later when more data comes in?
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Isn't the headline a preliminary figure, which they sometimes adjust up or down later when more data comes in?
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GDP is a load of boll0x: a moderately paid lawyers in London would contribute more to UKs GDP than dozens of railway engineers making thousands of miles of modern high speed railway in China.
HTH
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GDP and margins of error
Is it really possible to state that the economy has 'grown by 0.2%' or 'shrunk by 0.3%'? Are the measurements really that accurate or is there some margin of error within which such statements are actually at best rather spekulative (sic) and at worst nonsense?Tags: None
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