GDP Growth Estimates Upgraded in UK and Italy as New Data Shows Economies Were More Resilient Than Initially Thought
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Recent data revisions in the UK and Italy have led to significant upgrades to GDP growth estimates for 2020 and 2021.
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The revisions were driven by improved input-output data that provided a clearer picture of company profits and incomes.
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Margins held up better than initially thought, leading to higher GDP estimates.
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More revisions are likely in other countries as statistics agencies get better data.
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The core story remains - 2020 was bad but not as bad as first thought, and 2021 saw a slightly stronger rebound.