However, this understates Japan's total.
然而，这却低估了日本的总出口。
The seemingly modest unemployment rate of 4.4% in February understates the pain.
二月份貌似适度的4.4%的失业率并没有如实地反映痛苦。
However, even if the official measure understates inflation, the changes in it may still be a.
但是，即使官方数字低估了通胀率，通胀率在不同时段的变化仍是一个有效的指标。因此高盛对通胀率数据的评级较高。
And the comparison understates the cost of hiring in Brazil: its payroll taxes are among the world's highest.
而这些比较低估了巴西的聘雇成本︰巴西的薪资所得税比例仍是全球最高的。
However, even if the official measure understates inflation, the changes in it may still be a fair gauge over time.
然而，即使官方统计低估通胀，随着时间变化，通胀变化仍然不失为一有效指标。
The trouble with this argument is that it overstates the benefits of an Obama-Clinton partnership and understates the costs.
这种观点的问题在于它高估了奥巴马与克林顿合作的好处，而低估了代价。
That understates the role of Greek-Turkish friendship groups, or groups dedicated to music or films that both countries like.
那显然低估了“希腊-土耳其”交友小组、或者致力于两个国家都喜欢的音乐和电影的小组扮演的角色。
But the clarity that hindsight bestows is also misleading, because it understates how confusing things appeared to people at the time.
然而，即便是时候聪明得出的清晰结论也可能是误导的，因为往往低估了当时出现在人们面前的情况是多混乱。
That probably understates the true effect, because even private firms understand that their existence depends on their relations with the state.
这一表述可能低估了真实的情形，因为，即使是私营公司，也清楚他们的生存取决于同国家的关系。
But Hong Liang, an economist at Goldman Sachs, reckons that the M2 measure of money understates the amount of liquidity sloshing around in China.
然而，高盛公司的经济学家梁红认为M2措施低估了晃荡在中国的流动性资金的数量。
The drop in GDP growth to just 1.8% in the first quarter of 2011, from 3.1% in the final quarter of last year, understates the extent of the decline.
今年一季度的GDP增长率从去年四季度的3.1%下降到仅为1.8%的水平，但这样的降幅还是低估了衰退的程度。
JS: To say that the amount of golf design work available in the U. S. has shrunk understates the reality—it's practically disappeared to a point in the distance.
在谈到美国高尔夫设计工作的数量有限，这是不符合实情的，尤其是从远方来说。
But the more real risk is that that a large chunk of a rapidly changing economy has again been overlooked by the statisticians, and the official data understates the true size of the Chinese economy.
但是，更为切实的风险在于：这个快速变化的经济体中可能有很大一块产值再次被统计学家所忽略，这样官方的数据就低估了中国经济的真实规模。
But the more real risk is that that a large chunk of a rapidly changing economy has again been overlooked by the statisticians, and the official data understates the true size of the Chinese economy.
但是，更为切实的风险在于：这个快速变化的经济体中可能有很大一块产值再次被统计学家所忽略，这样官方的数据就低估了中国经济的真实规模。
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