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UK economic output declines further

The Office for National Statistics has yet again revised its figures regarding the performance of the UK economy over recent times. After initially reporting a 1.9% decline in the first quarter of 2009 and a 4.1% decline on an annual basis these figures have been revised to a 2.4% quarterly decline which equates to a 4.9% decline over the year. In simple terms, these are the worst figures ever for the UK economy since records began in 1948 and perfectly illustrate the unpredictable nature of the UK recession and exactly how it can (or cannot) be measured.

This is not the first time at the Office for National Statistics has revised figures downwards and it has to be said that bit by bit the reputation of the office is being reduced. If we are unable to believe the figures which are put before us then how can we look forward to the future and plan for the eventual recovery?

Even though these figures are worse than expected many people believe they are irrelevant at this moment in time as the UK economy is starting to show signs of stabilisation which should form the basis for an eventual recovery. However, the problem regarding official statistics is one which is going to rumble on for many months and years to come.

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