2  These are updated versions of charts I first used one year ago. See Stevens, G, “The Cautious Consumer”, Address to The Anika Foundation Luncheon, Sydney, 26 July 2011. BIS central bankers’ speeches  3  Graph 3  Only a small part of this was explained by an increase in per capita expenditure on dwellings.
Are the revisions in the National Accounts data excessively large? It turns out they are not. There are significant revisions in other OECD countries as well, some of which are even larger, and the scope of our revisions is above the median in OECD countries, but below the average, which is affected by a number of countries with particularly large revisions.