Crazy Nut Job

First, the news: GDP sank in the second quarter by 0.2%. GDP grew by 0.3% first quarter. The UK does not annualize these figures, so you’ll need roughly a factor of four to compare to the US figures.

Now, the revision:

[R]evised historical data showed that the recession that hit the economy in 2008 knocked down GDP by 6.4%, compared to an earlier estimate of 6.2%. The data also showed that GDP shrank by 0.1% over the course of 2008, compared to a previous estimate of 0.5% growth. GDP fell by an unrevised 4.9% in 2009.

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