Wednesday, April 21, 2010

Business Weak on Colombia's GDP growth

The folks over at Business Weak, in an otherwise decent article, told its readers today that Colombia's GDP more than doubled since Uribe took office in 2002 (this is one of those moments when I really wish I could just cue Otto's owl). But then, after Dean Baker kindly explained the difference between nominal and real GDP, Business Weak posted an updated version of the article:
Under Uribe’s watch, foreign investors have poured as much as $50 billion into industries including oil and coal, according to the central bank. Gross domestic product measured in constant dollars has climbed about 37 percent according to the World Bank, while the benchmark IGBC stock index has risen more than ten-fold.
Oooh... "measured in constant dollars"... sounds like pretty fancy stuff. Nice to see them make the correction but it's really quite disturbing to see such basic mistakes coming from one of the world's leading business publications.

1 comment:

  1. please use Owly yourself next time. He and I will be honoured.