Guardian spin

[anobium]

Headlines today in Guardian website.
"UK economy defies fears of slowdown after Brexit vote"
It then goes on to say, and I quote, Britains economy performed far better than expected with GDP falling to 0.5% from 0.7%.
In other words GDP fell by around 28% in one quarter and we haven't even left the EU.
So thats good is it.
Talk about messing around with stats, do they think we are really that stupid.

 

[EFLImpudence]

I think you are a bit confused - or have written it wrongly.

GDP grew by 0.5% in the last quarter, 0.7% the previous quarter.
(Not sure if they are straight figures or year on year)

To call that a fall in GDP of 28% is indeed messing around with the stats.

 

[empip]

Well, if the 'experts' thought growth would be 0.3% and it is actually 0.5% then that is 66.7% better - mind you it probably confirms they know little or SFA about the future
otherwise they would all be retired in the sun - wouldn't 'they' ?

GDP Pretty much up and down since the big one.

2007 Q1 1.00
2007 Q2 0.60 -0.40
2007 Q3 0.80
2007 Q4 0.80
2008 Q1 0.20
2008 Q2 -0.60 -0.80
2008 Q3 -1.70
2008 Q4 -2.30
2009 Q1 -1.60
2009 Q2 -0.20 1.40
2009 Q3 0.20
2009 Q4 0.40
2010 Q1 0.40
2010 Q2 0.80 0.40
2010 Q3 0.50
2010 Q4 0.10
2011 Q1 0.70
2011 Q2 0.30 -0.40
2011 Q3 0.80
2011 Q4 0.20
2012 Q1 0.20
2012 Q2 -0.20 -0.40
2012 Q3 1.00
2012 Q4 -0.10
2013 Q1 0.70
2013 Q2 0.60 -0.10
2013 Q3 0.90
2013 Q4 0.60
2014 Q1 0.60
2014 Q2 0.80 0.20
2014 Q3 0.70
2014 Q4 0.70
2015 Q1 0.40
2015 Q2 0.50 0.10
2015 Q3 0.40

-0-

 

[Nozzle]

A percentage of a percentage doesn't make sense, that's where the argument falls down.

For example. An economy that has an increase from 1% to 2% isn't 100% better, it's 1% percent better. An economy that has gone from 0% growth to 1% growth isn't infinate times better it's 1% better. This is why broadcaster/commentators often use the phrase "Percentage points". The same applies to Bank baseline rates and inflation etc

Nozzle

 

[anobium]

I think you are a bit confused - or have written it wrongly.

GDP grew by 0.5% in the last quarter, 0.7% the previous quarter.
(Not sure if they are straight figures or year on year)

To call that a fall in GDP of 28% is indeed messing around with the stats.

Britain’s economy performed far better than expected in after the Brexit vote, with GDP growth falling to 0.5% from 0.7% in the previous quarter.

The strong showing, which defied City forecasts that growth would more than halve to 0.3%, came after the dominant services sector expanded at a faster rate in the past three months than during the period before the referendum vote.

The writer in the Guardian is referring to the fall or drop in growth in GDP over the previous quarter, as was I.
But I stand corrected I was wrong in the 28% figure in the fall of growth from the previous quarter from 7% to 5% , it actually equates to 33.3%.

 

[EFLImpudence]

Britain’s economy performed far better than expected in after the Brexit vote, with GDP growth falling to 0.5% from 0.7% in the previous quarter.

Yes, but you omitted the word "growth" in your original post'

The strong showing, which defied City forecasts that growth would more than halve to 0.3%, came after the dominant services sector expanded at a faster rate in the past three months than during the period before the referendum vote.
The writer in the G

What's your point?
Last quarter: 0.7%
Forecast for this quarter: it will be less than half that, 0.3%
Actually was: 0.5%, less than 0.7 but more than 0.3.

All is well, please buy some pounds.

 

[woodbine]

Governments seem to have drilled the economy into peoples' heads as the be all and end all. Yes it's important, and variations can affect individuals financially. However, other aspects of belonging to The EU can have a financial impact on people in The UK. Uncontrolled immigration from Europe puts great demand on the supply of many things, but housing, which is in very short supply, will also hit people in the pocket.

At the end of the day, the economy is important, but there are more important things to worry about. If you end up with a country whose strong economy draws millions from overseas and ends in sky high housing costs, among other costs that increase - what is the point of worrying over parts of a percentage point on GDP?

 

[EFLImpudence]

Uncontrolled immigration from Europe puts great demand on the supply of many things, but housing, which is in very short supply, will also hit people in the pocket.

Might have been a good idea to build more houses, then. Oh wait a minute...

At the end of the day, the economy is important, but there are more important things to worry about. If you end up with a country whose strong economy draws millions from overseas and ends in sky high housing costs, among other costs that increase - what is the point of worrying over parts of a percentage point on GDP?

Maybe not much point but who benefits from sky-high housing costs or vice versa?

 

[woodbine]

Might have been a good idea to build more houses, then. Oh wait a minute...


Maybe not much point but who benefits from sky-high housing costs or vice versa?

Precisely. The lack of housing and unsustainable population growth doesn't benefit ordinary people. It's a cost to them, more onerous than a slight slow down in the economy. Booming economy mainly benefits big business. Booming immigration mainly benefits big business.

Governments want us to fear something. Of these 'somethings' is a blip in the economy if we change things.

 

[Doggit]

Governments want us to fear something. Of these 'somethings' is a blip in the economy if we change things

No they don't, they simply work on the principle that half of the country are too stupid to know what's going on, and the other half know they can't be trusted, but can't be bothered to do anything about it. Of course the real problem with the government, is that they think the third half believe everything they're told, and the Liberals actually think that the fourth half want them to be in power, and so only need another 1% to vote for them to get them into power. Yes, they're good with statistics and percentages.

Why do they need us to fear something when they treat us with complete contempt.

 

[EFLImpudence]

They do always have someone/something to scare us with, though.

It seems to be Russia's turn again.

 

[woodbine]

No they don't, they simply work on the principle that half of the country are too stupid to know what's going on, and the other half know they can't be trusted, but can't be bothered to do anything about it. Of course the real problem with the government, is that they think the third half believe everything they're told, and the Liberals actually think that the fourth half want them to be in power, and so only need another 1% to vote for them to get them into power. Yes, they're good with statistics and percentages.

Why do they need us to fear something when they treat us with complete contempt.

Hmm. 'Project Fear' must have been a figment of my imagination then.

 

[Brigadier]

https://en.wikipedia.org/wiki/Gross_world_product

"According to the World Bank, the 2013 nominal GWP was approximately US$75.59 trillion."

If everyone on Earth came to live in the UK, we'd be the "richest" country in the world, wouldn't we.........
However,

"The per capita PPP GWP in 2014 was approximately US$16,100 according to the World Factbook.".........
......compared to the c. $38000 it actually was, in 2014.


The UK would be fabulously rich, yet most of the people would be dirt-poor.

 

[mikeey84]

Headlines today in Guardian website.
"UK economy defies fears of slowdown after Brexit vote"
It then goes on to say, and I quote, Britains economy performed far better than expected with GDP falling to 0.5% from 0.7%.
In other words GDP fell by around 28% in one quarter and we haven't even left the EU.
So thats good is it.
Talk about messing around with stats, do they think we are really that stupid.

And no other newspaper spins stats to fit in with their narratives?

Also they said better than EXPECTED, not that the figures were good.

 

[Doggit]

Hmm. 'Project Fear' must have been a figment of my imagination then

That was Cameron running scared, but they failed to scare us. The daft thing was they succeeded in scaring the money markets though.