The first quarter GDP number is going to be bad. According to NIESR, the economy contracted a further 1.5 percent. The UK is now 9 months into the deepest recession since the early 1980s.
5 comments:
John
said...
I don't think GDP has fallen 13%! Are you sure you haven't taken the quarterly numbers published each month and added them up as if they were a series of monthly numbers?
I live in London and here is what I just saw at lunch time. An absolutely packed urban mall in Bloomsbury full of shops, restaurants, a Waitrose: everyone buying food and clothes, lots of people about. The economy is booming in London right now. I don't know why, but there is tonnes of money about in London.
The first quarter GDP number is going to be bad. According to NIESR, the economy contracted a further 1.5 percent. The UK is now 9 months into the deepest recession since the early 1980s.
5 comments:
I don't think GDP has fallen 13%! Are you sure you haven't taken the quarterly numbers published each month and added them up as if they were a series of monthly numbers?
I live in London and here is what I just saw at lunch time. An absolutely packed urban mall in Bloomsbury full of shops, restaurants, a Waitrose: everyone buying food and clothes, lots of people about. The economy is booming in London right now. I don't know why, but there is tonnes of money about in London.
John,
Well spotted. Actually, the chart I posted was for industry, which is down 13 percent.
I had to copy the data from a PDF file, the columns titles got mixed up in excel, and I wasn't concentrating.
Anyway, I have corrected it, and as you say, GDP did not fall 13 percent.
Alice
Keep your graphs coming Alice. They are much appreciated.
Thank you.
I second that!
Much appreciated and informative blog.
t
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