BOE's Bailey: ONS Revision Reflects Economy's Resilience

The video discusses the publication of economic charts, focusing on GDP, unemployment, and inflation. It highlights the revisions in GDP data due to inherent uncertainties and the impact of these revisions on understanding the economy's resilience. The video also explores how inflation reflects the economy's true state and the challenges in measuring public sector activity, especially during COVID-19. The Office for National Statistics (ONS) plays a crucial role in revising and interpreting this data.

In what way does inflation reflect the state of the economy according to the text?

What does the text suggest about the reliability of nominal data two years after revisions?