Desperate to please! The case in which 0.1% is a significant quantity! (A BIG Revision)

Note: Commenter Hypmod (and Miguel via e-mail) alerted me that the data I used in the charts was incorrect. I thank them for pointing the error. My mistake was to inadavertendly graph the data for Real Gross Investment instead of RGDP for Spain. (I should have guessed it was”to tragic to be true”). The correct charts follow below. I am very sorry for any inconvenience caused.

Spain seals exit from 2-year recession in third quarter:

* Preliminary INE numbers confirm exit from recession

* Consumer prices see lowest rise in four years

Suspicious mind” comes to mind:

I call it a trap

I can´t walk out…


Spain SM

Update: A starling startling comparison!

Spain SM1


Spain SM Rev


Spain SM1 Rev


To say the recession “ended” is also wrong. Spain is still very much “depressed”!

9 thoughts on “Desperate to please! The case in which 0.1% is a significant quantity! (A BIG Revision)

  1. Great graphs! They totally change the way we interpret the news.

    (Typo: “A starling comparison!” should be “startling”. A “starling” is a small bird, and had me confused for a bit!)

  2. Having a second look: those “ends of recessions” look like they might just be some failure of de-seasonalising the data. They all seem to come in late Summer. Maybe (e.g.) the tourist trade is less affected by recession, in which case the seasonal adjustment that worked before the recession won’t work now?

    • Nick, you may have a point. All the “recession ends” come in Q3 (2009, 2011,2012 and now) which encompass the high season of the summer holiday months of July and August. 2010 was marred by the “Greek Tragedy”.

  3. Sad, sad, sad…careers crushed, small businesses floundering, national budgets reeling…so Europe can have 0.7 percent inflation? Sadomonetarism?

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