I note with interest the estimate of our GDP published yesterday, but I am still mystified by the assumptions made in calculating it.
It states that manufacturing output went down in December,owing to the bad weather which hindered transport and geting to work. I can understand that. Output down because of the cold weather.
It also states that because of a warm April figures are also lower than expected.
Manufacturing down again of course but this drop is often nullified by other factors.
Because of the warmth ,electricity and gas consumption was down thus lowering the figures.
Now this I can not understand as I always thought the use of electricity was consumption, not production.
Does it mean that I am to blame for not taking enough showers or flushing the toilet as much? It seems so.
Am I to blame because I have not spent as much or avoided a parking ticket or fine.?
All these aspects it seems are taken into consideration when collating the figures.
Issuing tickets and box ticking are all counted.
Spending mainly on imported goods, even if distributed and sold in this country is not production it is expenditure but the way they are compiled seem to be as important as manufacturing in the statistics.
We are told by "the experts" we must save more while spending more (mainly on imported goods).
Do they know something we do not know? I doubt it. They are just incompetent at their job of running a successful economy while feathering their own nests at our expense.
It demonstrates what is wrong with our economic model by classing consumption and pointless activities as production.
Until we have a more realistic system of valuing activities we will continue our downward economic path.
The s**t will hit the fan and our party must unite and provide the answers instead of concentrating on issues with which most people agree.
BUT in an effort to help the present situation and our economy I will finish this blog, go to the bog and use a bit more electricity by having the shower I have too long delayed.
Oh, and while I do so I will leave this computer on and switch the lights on.
Hopefully I will have an even bigger electricity bill next time reflecting my contribution to our national prosperity, even though I will make myself poorer by doing so.
