Wednesday, February 25, 2009
Boom & Bust officially re-instated
The UK economy shrank by 1.5% in the last three months of 2008, official figures have confirmed, unrevised from the initial estimate issued in January. But the data showed a 0.7% drop in the previous quarter, from the 0.6% fall previously reported. This confirms that the widely accepted definition of a recession - two consecutive quarters of negative economic growth - has been met. It is the first time the UK has entered recession since 1991.