The article offers some explanations for the large changes in growth rates in the rebased gross domestic product series, but argues that these do not imply a recovery in the macroeconomic cycle. Changes in estimates of savings and investment also support these conclusions. In addition, firms were under pressure to save costs, and thereby growth of value added increased. This implies that industrial growth was constrained on the demand-side rather than the supply-side, while firms' balance sheets remained healthy.