The Rationale of GDP Revision
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Real GDP growth for 2nd quarter of 2012 was just revised to 1.3% from 1.7%.
Is this good and why did this happen?
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Solution Summary
The solution shows that GDP revision, based on hard data, is a norm for economic planners.
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Economic planners need to be realistic in their forecasts. Real GDP growth targets are simply projected/forecast data made before the start of every period or quarter. A forecast is based on the previous and prevailing economic situation. Now, whenever the economy suffers any setbacks, the forecast is readjusted.
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