The Economist often describes economic statistics like this:

published on Jan 27th 2000

MONEY AND INTEREST RATES Britain's broad money-supply growth edged up to 3.6% in the year to December"

I don't understand the phrase "in the year to month". Does it mean

  1. The supply grew up 3.6% from Jan 1999 to Dec 1999
  2. The supply grew up 3.6% from Dec 1999 to Jan 2000

Thanks a lot.

  • I don't see why anyone would write about (2) using such language. They'd probably say something like "in the last month." So that's weak evidence for (1).
    – Kevin
    Jan 8, 2015 at 16:57
  • 3.6% growth can only be per annum. 3.6% per month would be a financial paradise.
    – Centaurus
    Jan 8, 2015 at 17:06

2 Answers 2


They are referring to a calendar year not including the end date mentioned.

The calendar year starts on January 1, and the end point for the period being considered is what the "year to" is talking about.

Therefore, the "year to December" refers only to the first 11 months of the year. If they had wanted to include December they would have said something like "for the year" or "for 1999" etc.

  • In other words: In December, they began calculating the 3.6% growth rate - in order to publish the result early in the next year - so the figures from December were not included. Since fiscal years often begin and end differently than calendar years, It would be quite common to see something like, "the 2014 year, ending in March 2015," and stuff like it, in financial reports.
    – Oldbag
    Jan 8, 2015 at 17:20

Britain's broad money-supply growth edged up to 3.6% in the year to December

IMO, the phrase year to december has been used in the sense of year to date.

YTD (Year-to-date) is often provided in financial statements detailing the performance of a business entity

Year-to-date is a period, starting from the beginning of the current year, and continuing up to the present day.

Therefore :

"The supply grew up 3.6% from Jan 1999 to Dec 1999'.

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