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Don’t shoot the statisticians
Economists and media commentators have lined up to question the accuracy of estimates published by Britain’s Office for National Statistics (ONS), showing gross domestic product shrank 0.2 percent in the first quarter, tipping the economy back into recession.
“The figure is disappointing and paints an unduly pessimistic picture of the state of the economy,” according to David Kern, chief economist at the British Chambers of Commerce. “Many commentators will question the accuracy of the data . Business surveys have shown a more positive picture, and we believe these give a more accurate indication of the underlying trends,” Kern said.
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