Tuesday, Jun 30, 2009
The UK economy shrank 2.4pc in the first quarter
Telegraph: UK economy shrinks most since 1958
The decline in gross domestic product (GDP) was greater than an earlier estimate from the Office for National Statistics of 1.9pc as the recession deepened, hitting industries from manufacturing to services.
The drop on the quarter was the biggest since the year that Michael Jackson was born and Harold Macmillan was prime minister.
Posted by devo @ 10:16 AM (672 views) Add Comment
7 Comments
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1. Rob said...
.. This is just a confirmation that Alistair Darling is living in a parallel world! on the 25th April, he forecast a 1.9% drop for the first quarter and now funnily enough, it is 2.4%!!!! Everybody has been "guided" into talking about green shoots by the media, but the UK economy is set for a rough ride... This data should be proof enough that there is no HOUSE PRICE RECOVERY and there will not be one for a few years!
2. mr g said...
No need for Crash or Badger to worry, everything's fine for their clients in the pubic sector.
3. mr g said...
The spelling mystake was an accident although on second thoughts it might be an accurate reflection on this government and it's client state.
4. Gruppenfuhrer said...
Interesting how the BBC has now dropped the Nationwide figures story from its front page.
I'm just flabbergasted that people are so blindly oblivious when they want to be to these baselines.
House Prices are a very slow reflection of the economy. Economy not yet fixed - very far from it - so House Prices going down. Quite painfully simple. I just don't understand how people can't see that.
I'm still on for the Olympic effect to mark the corner.
What says anyone on that?
5. peter_2008 said...
I am again disturbed by the starl contrast between the economy data and house price data. It just does not make sense. Everyone must be crazy.
6. mr g said...
@3
Of course everyone appears to be crazy.
Everything is so dumbed down today that the majority of people are unable to think for themselves and just follow the rest of the herd.
7. 51ck-6-51x said...
Look to the difference in lag & seasonal adjustments maybe.