CSO recently revised the GDP data for 2008-09. Here is a small note on the same.
There are sharp changes in the quarterly GDP data in 2008-09 and 2009-10 (manly Q1, Q2 and Q4). However on an annual basis changes are marginal as higher growth in Q1 and Q2 is almost matched by lower growth in Q4. The revised nos are fairly large. So Q4 08-09 GDP is revised to 3.5% (lowest in the series) leading to Q4 09-10 GDP at 11.2% (highest in the series). Clearly policy prescriptions would have been different if this data was available..
Worse was there was no mention etc of this change on website/newswire etc. All new releases on GDP are usually released here but this information was instead placed here. And even on the webpage it was simply changed in the excel file (see 21 and 22) with an endnote on the file mentioning the change. The endnote was also added laters as the first set of excel file did not mention the change. So all over the place..
Manas Chakravarty nicely called it as quiet revision before the nos are announced on 31-Aug-12. Actually they could have made these changes on 31-Aug-12 itself. This would have informed the participants. Why do it just before a week?
The woes continue…