BBC Reports that UK GDP rose to 0.9% in the 2nd quarter. Up from the more anemic 0.7% in the 1st quarter. And up a whopping 3.2% from the 2nd quarter in 2013.
The recession in the UK now appears to be a thing of the past. Maybe.
The methodology for calculating GDP has been slightly revised. It now includes estimates of the sales of illegal drugs and prostitution.
These changes have added billions of pounds to the total amount produced by the economy. But because there have been revisions to the measures going back to the 1970s, the amount of growth from quarter to quarter has not changed a great deal.
Now if the UK government could only figure out a way to tax those illegal goods and services.
