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Why are GDP calculations so frequently revised and by such large amounts?
Italy is another victim, though arguably it has only included a fraction of the mafia's business in its GDP calculations.
Nonetheless, we are concerned that bad weather in January and March could impact on the GDP calculations so we still think it will be 50 50 on whether the UK does indeed post a positive 1Q13 GDP number on 25 April.
The ONS always refines its GDP calculations as more data becomes available and changes to the original estimates happen on a regular basis.
According to one study, if the value of housework had been included in GDP calculations in 2010, it would have added 26%.
For example, 2014 and '15 statistical exercises in countries such as Nigeria and Kenya revealed tens of billions of dollars in off-the-grid economic activity that has gone uncaptured in GDP calculations for years.
Similar(46)
And what about electronic data becoming a huge part of the modern economy, but still very unrepresented in the GDP calculation?
This comes two years after Nigeria rebased its GDP calculation and advanced to the top spot.
For a simple real GDP calculation, choose the year prior to the year you're looking at.
If just half of the 1.2 million older workers who are unemployed or inactive re-entered the labour market full time, an estimated £25bn could be added to the UK's annual GDP, government calculations suggest [PDF].
The crucial thing to understand here is that you do need to take the state of the business cycle into account; it's not enough simply to do what Nate Silver, for example, does, and look at spending as a share of GDP — a calculation that can be deeply misleading in the aftermath of a severe recession followed by a slow recovery.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com