Sunday, January 27, 2013

It was the Olympics wot done it

As theories abound about why the UK has such miserable GDP growth despite other stronger economic indicators, the Office of National Statistics extended rumination on the 4th quarter growth numbers includes this observation --

It is not possible to quantify the overall impact of the Olympics and Paralympics purely from surveys and indeed some of the activity may have displaced others (for example, comments were received from businesses that consumers watched the Games in preference to films or DVDs or shopping on line).