Mr. Chakrabortty writes a Guardian editorial

My comment there:

This might be another of Mr. Chakrabortty\’s pieces. Has the symptoms:

Output in the building industry shot up 4% over the quarter, making it the largest contributor to growth.

Rilly? This is what the ONS (you know, the people who collate these statistics) says:

Manufacturing made the largest contribution to the growth, where output rose 1.0 per cent compared with an increase of 1.6 per cent in the previous quarter.

Quite how that morphs into construction being the largest contributor to growth I\’m not sure.

construction is obviously seasonal

Indeed it is. As the ONS say:

Figures are seasonally adjusted.

So that\’s taken care of then.

\”And this is before the chancellor makes the biggest spending cuts since the 1920s\”

1976 actually.

One comment on “Mr. Chakrabortty writes a Guardian editorial

  1. More like classic Worstall – skim read something and draw entirely the wrong conclusion. Your quote from the ONS is about the contribution to “production growth”, not overall growth.

    This should have been obvius as the release also says that business services and finace made the ‘largest contribution to growth’ – that’s within the service sector.

    So then construction, which made the largest overall contribution to growth. The chart you want is on p.3 of this preliminary release.

    http://www.statistics.gov.uk/pdfdir/gdp1010.pdf

    Tim adds: Fair point. Naughty Timmy

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