"For instance, the committee did not declare a recession in 2001 in spite
of reported negative GDP growth in then-available data because it did not observe a decline in employment. Subsequent data revisions vindicated the judgment of the Committee by providing a more positive assessment of business conditions in the euro area then prevailing, with the most recent figures (…) indicating an increase instead of a decline in the real GDP growth rate. The often dramatic effect of these data revisions on the estimate of growth since April 2002 isillustrated in the following graph which depicts the estimated GDP growth rate in 2001Q4 in several vintages of data (available in real-time), reported in the x-axis. For example, in April 2002, GDP growth rate was stated as -0.16, but it was revised to be 0.10 in April 2009.
Source : Centre for Economic Policy Research, Euro Area Business Cycle Dating Committee, November 2012, page 4
http://www.cepr.org/Data/Dating/Dating-Committee-Findings-Nov-2012.pdf
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