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1.32pm GMT US GDP revised up but misses expectataions US GDP has been revised up to +0.1% for the fourth quarter of 2012 from an original estimate that GDP actually fell by 0.1%.
GDP has been similarly challenged and deconstructed in Europe.
So far the impact on GDP has been modest.
Public investment as a proportion of GDP has been declining.
Japan's nominal GDP has been squeezed by deflation.
According to Martin Wolf, up to 10% of annual potential GDP has been lost for ever.
He points out that GDP has been a "miserable failure at representing our economic reality".
Its tourist industry, which accounts for 5% of GDP, has been obliterated.
Taiwan's GDP has been growing at 4-5% annually for the past three years.
The decline in the share of GDP has been accompanied by a decline in its share of the labour market.
But it is clear that tourism, which provides one job in seven and 11% of GDP, has been badly dented.
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