U.S. Recession Worse Than Previously Estimated
In 2007, GDP rose by 1.9% compared to the previous estimate of 2.1%, in 2008 growth was zero compared to the previous 0.4% growth estimate and in 2009 GDP fell 2.6% compared to the previous estimate of a 2.4% contraction. The total downward revision was thus 0.8%.
National income was also revised down, but not quite as much, reflecting both an upward revision of net factor income from abroad and a downward revision of statistical discrepancy.
Given the consistent pattern that growth is always revised down in the annual revisions (for years as a whole, individual quarters can be upwardly revised or unrevised), I can safely predict that in next year's annual revision, growth for 2008 and 2009 will be revised down further.