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.
In both countries the absolute size of the revisions is partially explained by the magnitude of the swings in GDP in nearly all economies in 2020 and 2021. The lockdowns of 2020 caused output to plummet at a pace not seen in decades and the unwinding of restrictions in 2021 prompted a strong bounce-back in most places. Proportionally normal revisions to large swings in GDP add up to big numbers. These revisions are driven by what the statisticians call input-output tables .
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