The Expenditure exists to answer one question, over and over, for a different number every time: who spent this, on what, and what does it actually mean. That only works if the underlying numbers are right. This page explains where they come from, how they’re checked, what role AI plays in the process, and where our own judgment enters the piece.
Where every figure comes from
We source figures exclusively from primary, official channels:
- Government bodies: ministries, national statistics offices, budget offices, regulators, and official state communications, for example the US Bureau of Economic Analysis, the UK’s HM Treasury, China’s National Development and Reform Commission, or a national government’s own press office.
- Central banks and public financial institutions: monetary authorities, state-owned development banks, and public export-import banks
- Companies’ own disclosures: annual reports, regulatory filings such as 10-K and 10-Q forms and their equivalents in other jurisdictions, investor presentations, and official press releases issued directly by the company
- International bodies: the World Bank, the IMF, the OECD, and comparable multilateral institutions, primarily for cross-country comparisons like GDP
We do not treat other news outlets, analyst notes, or industry associations as a source for a headline figure. Where no official figure exists and we rely on a secondary source instead, whether that’s an analyst estimate, an industry association, or a specialist publication, we say so explicitly, in the body of the article and again in the sources list at the bottom. If we can’t verify a number against a primary document at all, we leave it out rather than include it with a vague caveat.
What “verified” actually means here
Before a figure runs, we trace it back to the original document, not a summary of the document. That means opening the actual press release, filing, or budget line rather than relying on how another outlet characterized it. Several published pieces on this site have been corrected after this exact process caught a discrepancy between a widely repeated figure and what the underlying document actually said. We treat that as the process working, not as a failure, and we leave the correction visible rather than quietly editing it away.
The role of AI in how this gets made
We use AI as a research and drafting tool, not as a substitute for editorial judgment. In practice, that means AI is used to search and cross-reference official sources, draft initial copy from verified figures, and check drafts for consistency and clarity. A human sets the editorial direction, decides what’s worth covering, verifies the sourcing before anything goes live, and writes or rewrites the analysis and interpretation that appears in every piece. Every figure that ends up in an article has been checked against the primary document it claims to come from, not accepted because a model produced it.
We would rather be direct about this than vague. Readers deciding how much to trust a number deserve to know how it was produced, and that includes knowing where automation was involved and where a person made the call.
Why every article looks the same
Every piece on The Expenditure follows the same structure on purpose: a Record Data Sheet up front with the headline figure and the entities involved, a body that explains what the number is and what it isn’t, a section on why we think it’s relevant, a short FAQ, and a sources list at the end naming the specific document each figure came from. That consistency exists so a reader, or another journalist, can find and check any claim on this site in the same place, every time, without having to hunt for it.
How we handle comparisons
We do not assume that two figures are directly comparable simply because they measure the same subject. Before comparing numbers, we check their definition, reporting period, currency, accounting basis, and whether they represent announced, budgeted, committed, or actual spending. A company’s fiscal year rarely lines up with a calendar year, an announced ceiling is not the same as a confirmed commitment, and a nominal figure is not the same as one adjusted for inflation or exchange rates. Where two figures are not directly comparable, we say so rather than present a misleading comparison, even when that makes for a less tidy headline.
Where our own opinion enters
Facts and interpretation are kept visibly separate. When we say a figure is confirmed, it is because a primary source states it directly. When we offer an opinion, an argument about what a number means, why a company structured a deal a certain way, or what a spending pattern implies, that is clearly framed as our own analysis, not attributed to the source it is built on. We try to make that boundary obvious in the writing itself, not just in a disclaimer.
Corrections
If you believe a figure on this site is wrong, or a source has been misread, tell us. We would rather fix it in public than leave it standing.