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Olympicsboostsh*t

There is a concerted effort to suggest the Olympics has pulled Britain out of recession. But the BBC has provided an interesting perspective on this. The third quarter is expected to show a 0.7% rise in GDP. The second quarter included an extra bank holiday which knocked the economy by 0.5%, so this deficit was recouped in the third quarter. The remaining 0.2% is accounted for by ticket sales meaning that in reality 'excluding the Olympic and Jubilee effects, growth seems to have been broadly flat'. However, what is curious about this concoction is that, of course, ticket sales actually occurred months ago so could just as easily have been included in those earlier statistics. The fourth quarter is then expected to sink back into deficit.

Olympicsboostsh*t!


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