Emeritus Prof Christopher May on Nostr: nprofile1q…h9exn Well, of course much depends on what you mean by 'accurate' - GDP ...
nprofile1qy2hwumn8ghj7un9d3shjtnddaehgu3wwp6kyqpqf6jtu64e597aq3gapt6uu7nkzag8faev7mh4kxcmjjg97j5zq79qah9exn (nprofile…9exn)
Well, of course much depends on what you mean by 'accurate' - GDP is really a 'best estimate' which is why it is revised across time until it settles down to a figure about 18-24 months later when more data has been logged.... and the way of inflation is included is (as you likely suspected) just from ONS quarterly data (which itself is survey based).... and so, in statistical terms, its really just an estimate (and not a great one at that)
Well, of course much depends on what you mean by 'accurate' - GDP is really a 'best estimate' which is why it is revised across time until it settles down to a figure about 18-24 months later when more data has been logged.... and the way of inflation is included is (as you likely suspected) just from ONS quarterly data (which itself is survey based).... and so, in statistical terms, its really just an estimate (and not a great one at that)