Stratospheric constituents are determined by continuity equations including photochemical production and loss as well as the transport and diffusion terms and explicit time variation. Photochemical models self‐consistently solve these equations to determine species concentrations. Recent Nimbus 7 measurements give us a first chance to analyze diagnostically the global atmosphere for consistency. We compute the diurnal average photochemical production and loss terms of ozone using monthly and zonally averaged limb infrared monitor of the stratosphere (LIMS) O3, H2O, HNO3, NO2, and temperature and stratospheric and mesospheric sounder (SAMS) CH4data. The loss rates of ozone by pure oxygen species, by the nitrogen oxides, and by the hydrogen oxides are calculated along with the production rate of ozone by oxygen photolysis. The other major loss rate for ozone, which is the loss rate by the chlorine family, is calculated from a two‐dimensional model including SAMS CH4measurements and a total Clxof 3 ppbv at the stratopause, yielding a ClO profile in good agreement with balloon measurements. All loss rates of ozone are therefore tied to experimental measurements. Ozone is thought to be in photochemical equilibrium at low latitudes near 2 mbar; however, our calculations show the diurnal average ozone loss to be about 40–60% higher than the production. Therefore photochemical models using LIMS H2O, HNO3, NO2, and temperature and SAMS CH4will predict lower ozone concentrations than those measured by LIMS. Uncertainties in this region are a factor of 1.7 with the major contributions coming from the O3measurements, the calculated photolysis of O3to O(1D), and the calculated photolysis f