ftalphaville.ft.com - 6/30/2009
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Year on year, that is: down 4.9 per cent. The UK economy has never before shrunk so fast.
2009 Q1 GDP fell 2.4 per cent, according to figures just out, making it the biggest quarter-on-quarter fall since 1958. The decline significantly exceeds analysts' expectations, which were for a 1.9% fall.
ft.com - 6/30/2009
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ft.com —
Official figures on Tuesday confirmed the UK had
suffered its worst slump in output for 50 years....
Economists warned Britain would almost certainly have to wait at least two years before it regained the output lost over the past year. The figures ...
(more)
FT.com / UK / Economy & Trade - UK economy shrinks ...
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confidence fail?
Decline and Fall of Western Civilization —
... in any case, i'd wait to see how expectations behave on a correction of the big march-june equity upswing. it's hard to imagine lower lows in expectations, given how very low the recent readings were. but there are plenty of bank failures ahead, more house price deterioration and perhaps even some nasty turbulence in global credit markets provoked by events in europe. as was illustrated by a shockingly poor first quarter GDP reading for the UK, it's perhaps harder to stimulate one's way out of this manner of economic trouble than it commonly believed. ...
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