Driving the Day
1. Correction: Data dump – GDP
Thanks to the readers who reached out to us over the weekend to point out that nominal GDP growth was 7.4% y/y in Q4 – down from 7.6% in Q3.
- On Friday,we messed up when we said that nominal GDP growth was 9.6% y/y in Q4.
Excuses, excuses: The stats bureau revised historical GDP data, but our data provider didn’t updatethe historical series, so we had the wrong calculation.
Fool me once: This has happened to us once before – so we should have double checked.
For all you young would-be China analysts out there, this a good lesson:
- Always go to the source.
The upshot: This doesn’t change our analysis of China’s economic growth trajectory. We still think more weakness will come in Q1, although the recent solid monthly data may mean the economy stabilizes more quickly than we currently anticipate.