Sunday 25 January 2009

Recession


(Graphic from FT.com.) As of last week, it's official. We are in a recession (which everyone knew anyway). Officially you need two quarters (quarter = 3 months) of negative GDP growth, and since three quarters ago growth was precisely zero, that didn't count.  Martin Weale, director of the National Institute for Economic and Social Research, said that, based on its estimates, the recession began in May 2008 and the economy had contracted 2.7 per cent from its April peak. The FT has an interactive graphic which shows output growth in a range of countries over the last 100 years or so.

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