Home > UK GDP > Headlines You Won’t Read Today: “Central Bank Misses Forecasts By Slightly Less Than Usual”

Headlines You Won’t Read Today: “Central Bank Misses Forecasts By Slightly Less Than Usual”

Outturns, plus Bank of England forecasts in May 2012 for inflation and real GDP growth over the four quarters to 2013 Q2:

CPI Real GDP
Forecast  2.3% 2.5%
Outturn  2.7%  1.4%
Error  +0.4% -0.9%

 

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Categories: UK GDP
  1. James in London
    August 2, 2013 at 22:11

    Very interesting. Almost there!

    “Charles Goodhart, a professor at the London School of Economics, suggested that the guidance should take the form of a threshold target, such as not raising rates until real GDP has grown at an annual rate of 2.5 per cent. The Office for Budget Responsibility expects GDP to reach 0.6 per cent this year and 1.8 per cent next year.”
    http://www.thetimes.co.uk/tto/business/economics/article3829818.ece

    • August 5, 2013 at 08:57

      That’s interesting indeed, James, given that in Goodhart’s critique of NGDPLT he was concerned about the rate of “sustainable” RGDP growth! “Targeting” the wrong rate of RGDP growth is so much worse.

      I really hope the MPC don’t sign up for a “real” target. If they do they are completely useless patsies.

  2. James in London
    August 5, 2013 at 16:40

    I put Scott onto that more hopeful comment from Sir John at the same conference, and hoped in turn that Goodhart may have been somewhat misquoted.

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