How can such a small %age change in GDP...
Discussion
...be having such a profound effect on the UK economy? 
I'm very thick-skinned, so please feel fre to crucify me right now if I'm exhibiting a particular lack of intellect, but I cannot reconcile the carnage that's ongoing with such a small change in GDP.
Take any forecast (not that any are worth trustung right now IMHO), be it the B of E, the gubberment, the IMF (or MFI for that matter) and nobody thinks the economy has actually declined yet. Furthermore, the forecasts for 2009 year all seem to be reductions somewhere between 0.5 and 3% - not huge proportional changes - so God help us then.
Is the 'official' data lagging a long way behind reality or is a very small reduction in GDP genuinely capable of bringing the economy to the state we are in?
I'm very thick-skinned, so please feel fre to crucify me right now if I'm exhibiting a particular lack of intellect, but I cannot reconcile the carnage that's ongoing with such a small change in GDP.
Take any forecast (not that any are worth trustung right now IMHO), be it the B of E, the gubberment, the IMF (or MFI for that matter) and nobody thinks the economy has actually declined yet. Furthermore, the forecasts for 2009 year all seem to be reductions somewhere between 0.5 and 3% - not huge proportional changes - so God help us then.
Is the 'official' data lagging a long way behind reality or is a very small reduction in GDP genuinely capable of bringing the economy to the state we are in?
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