GDP Revised Up By 0.2%
Friday, August 24, 2012 at 10:32AM Click here for our Clash of the Titans page.
The official second estimate of second quarter GDP revised the earlier figure up by 0.2% today, to -0.5% (still remarkably low). This poor growth is mainly attributed to low levels of output in the production, manufacturing and construction industries, but also to a decrease in household consumption expenditure.
This small revision has had little effect on the standings in our Clash of the Titans competition, as all three professors thought that growth would be higher at this point in the year. Professor Quah, who was closest, predicted 0% growth in the second quarter. Our average forecast was +0.2%. In the full individual rankings, there has been some movement as the pessimists who thought GDP growth would be even worse than it has been slipped a few places each.
The next date to watch out for in the Clash of the Titans competition is the 6th September, when the Bank of England announce the official Bank Rate for the final time in Q3 2012. Unless something really unusual happens between now and then, expect it to stay at 0.5%.
Tickets for the next Clash of the Titans event, to be held on the 4th December, are now available here.