Senior Market Analyst, Commodities and Energy
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Apr 26, 2012

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.

    • About John

      "John joined Reuters in 2008 as one of its first financial columnists, specialising in commodities and energy. While his main focus is on oil markets, he has written broadly on the emergence of commodities as an asset class, regulatory issues and macroeconomic themes. Before joining Reuters, John spent seven years as a senior analyst for Sempra Commodities (now part of JP Morgan) covering base metals and crude oil. Previously, he worked as an analyst on world trade, banking and financial regulation for consultancy Oxford Analytica."
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