The economy? We were all moaning about nothing apparently

4 September 2014

highst The 2009 recession wasn't as bad as everyone thought it was!

That's technically the drift behind new official figures, which also detail that the recovery since 2010 has also been stronger than first thought too.

Due to some changes in the methodology that Office for National Statistics, now show that the downturn after that lovely crash in 2008 was less than previously assessed with GDP shrinking by around 6%. Less than the original estimate of 7.2%.

Each year's growth from 2009 to 2013 has been revised by 0.4%, due to faster growth in investment.

Everyone still suffered though, right?

It also flies in the face of the claims that George Osborne's austerity package isn't quite what it's all claiming to be. Massive surprise there.

Yet Labour's former chancellor Alistair Darling was responsible for a less disastrous crash. Which helps Labour maintain and prove that living standards have deteriorated under the current administration despite the improved recovery.

These new revisions to the ONS are part of a bigger deal where they must now comply with international standards in measuring GDP and national accounts.

TOPICS:   Economy

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