Money For Nothing & Your GDP For Free!
Curious how the comprehensive revision of GDP looks like? Here’s how: following the “revised data”, Q1 GDP in nominal terms stood at $16.535trillion. Previously, it was $15.984 trillion. And that is how you add $550 billion in “growth.” More importantly, here is the full breakdown of GDP on a quarterly basis: of note – Q1 2011 GDP growth was revised from +0.1% to -1.3%: close call with recession there.
And a chart showing the cumulative, “unicorn accounting” addition of $550 billion to US GDP.
Where the revisions to National Income came from: