The UK is now in recession for the first time since 1991, official government figures have confirmed. Gross domestic product fell by 1.5% in the last three months of 2008 after a 0.6% drop in the previous quarter. That means that the widely accepted definition of a recession - two consecutive quarters of negative economic growth - has been met. It represents the biggest quarter-on-quarter decline since 1980, and a 1.8% fall on the same quarter a year ago.
An article in The Guardian details the events leading up to the recession.
Link to analysis 'We will pull through this ... eventually!
Also, there is a graphic showing the cyclical pattern of the UK economy since 1955.
Link to graphic
Also, there is a graphic showing the cyclical pattern of the UK economy since 1955.
Link to graphic
3 comments:
Hmmm I agree with Ashley Seager, we have been in a recession for about 9 months but it just wasn't official. We should really follow US' definition of a recession. I think that if people accepted that we were actually in a recession earlier on then it may have not got so bad. They could have dealt with it during the early stages like cut interest rates earlier! They may have had more of an impact because cutting it now has been pretty pointless because everyones confidence is just very low!
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