It’s the Q1 2011 growth figures that matter now
The Office for National Statistics’ preliminary figures for Q4 growth, released a few weeks ago, were a curious beast. They they were, suggesting that because of a snow-laden December our economy had started shrinking again, to the tune of -0.5 per cent. And yet so many other indicators were doing rather nicely: from activity in the services sector to the Exchequer’s tax take. Many people, myself included, suspected it was only a matter of time before the ONS revised that -0.5 figure into more positive territory. Now time has passed, and the ONS has just revised the Q4 figure downwards, not upwards. Their preliminary figure wasn’t quite right, they say.
