Why covid-19 did not harm rich economies as badly as first thought
Britain and Italy have revised data for GDP during the pandemic
MODERN ECONOMIC statistics are best thought of as a work in progress. As new information becomes available to national statistics offices they update and revise previously published numbers. The picture of the economy comes into focus only slowly, more like an old-fashioned polaroid than a snap on a modern smartphone. Revisions of older data are part and parcel of the process and rarely make the headlines. But in the past two months revisions in Britain and Italy have come close to rewriting recent economic history. What happened?
From the November 11th 2023 edition
Discover stories from this section and more in the list of contents
Explore the editionMore from The Economist explains
What do Greenlanders think of being bought?
Donald Trump’s desire for Greenland, and a shabby visit by his son, reignite the independence debate
What would Donald Trump gain from seizing the Panama Canal?
The president-elect claims the crossing is controlled by China and rips off American consumers
Where does Santa come from?
How a miracle-working Greek bishop, Dutch folk figure and early New York icon became the ubiquitous symbol of Christmas
Who are the main rebel groups in Syria?
They were united against the country’s dictator. Now they have little in common
Is RFK junior right to say America allows more toxins than the EU?
He is, but things are slowly beginning to change
What would it cost to kill coal?
The price of shutting down coal power, and what would be gained