ONS Delivers Growth Present for Osborne and Carney; Economic Analysis

The Evening Standard (London, England), September 4, 2014 | Go to article overview

ONS Delivers Growth Present for Osborne and Carney; Economic Analysis


Byline: Russell Lynch

SO illegal sex and drugs are a multi-billion-pound industry surprise, surprise and the economy has grown a bit faster than our official number-crunchers first thought since the beginning of 2010. Apart from that, what can we take away from the Office for National Statistics' rewriting of economic history this week? The revisions carried out by the ONS to keep us in line with European standards include estimates for the first time of the contribution of the oldest profession and drug pushers to national output (PS8.4 billion in 2012, since you ask). This raised some interesting challenges for our statisticians, who raided the Netherlands to make "assumptions about the average number of clients seen by each prostitute per week, the number of weeks worked per year and the payment per client". That must have been a fun project.

The bigger picture is that the revisions bring reassurance for the majority of the Bank of England's rate-setters, and good news for the Chancellor. The economy was just over 1% bigger than originally thought between 2010 and 2012 so George Osborne's economic record is burnished slightly although the recovery is still the slowest for a century.

And the recession is still the biggest on record, although at 6% the economy's peak-to-trough decline is a little shallower than the 7.2% originally estimated. If that trend continues when the last batch of revisions is published, bringing us up to the summer of this year, it is likely the UK will have passed its prerecession peak in the third or fourth quarter of last year, rather than between April and June this year. That's all very handy when there's an election around the corner.

For the Bank, which has always been deeply suspicious of the ONS's growth figures, it helps tackle the productivity puzzle we've been wrestling with since the recession. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

ONS Delivers Growth Present for Osborne and Carney; Economic Analysis
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.