The Chinese government rarely revise their economic statistics. [Of course, nobody believes it.]
The US is more open minded. Our government is endlessly revising their statistics. Today they re-revised last month’s “final” revision of Q1 growth. Good news…the economy only declined 2.1%, not the previous third revision of -2.9%.
And better news…Q2 grew at 4% !!!
My simple mind thus calculates the first half of this year as a cumulative stagnant growth of only 0.95%. If bad weather in Q1 contributed to such poor consumption, surely more slack would have been picked up in Q2- growth should have been more robust.
But that’s where more revisions come in. You see…they re-revised the past few year’s GDP numbers, again. The economy wasn’t growing as much as they thought in 2011-12 [funny how they sure wanted us to believe that it was]. Then it grew more than they thought in 2013…so naturally, if today’s numbers look a little weak, it’s only because it was so strong last year.
Not to worry, for the rest of the year, absolutely the economy will grow at 3%. They promise.
So whose propaganda do you believe? I don’t believe any of them.