Real-time National Accounts Data

ing from the statistical detail of these changes, the cautionary implication for policy-makers is clear: to the extent that inputs like the economy’s growth rate are used in the policy formation process, the substantial inherent uncertainty surrounding such data needs to be recognised. This uncertainty complicates the task of responding to the ‘true’ state of the economy, and suggests the dangers of trying to ‘fine-tune’ the economy’s performance. Figure 1: Changing Estimates of Quarterly Output Growth