http://news.bbc.co.uk/2/hi/business/8321970.stm
Record recession for UK economy
Friday, 23 October 2009 21:48 UK
The UK economy unexpectedly contracted by 0.4% between July and September, according to official figures, meaning the country is still in recession.
It is the first time UK gross domestic product (GDP) has contracted for six consecutive quarters, since quarterly figures were first recorded in 1955.
But the figures could still be revised up or down at a later date, because this figure is only the first estimate.
GDP measures the total amount of goods and services produced by a country.
The pound fell sharply after the figures were released, reflecting the fact that many observers had expected the UK to have grown during the quarter.
It was down 1.7% against the dollar, at $1.6323, and down 1.9% against the euro, at 1.0859 euros.
Quarterly growth of 0.2% had been expected in the figures from the Office for National Statistics (ONS), although expectations had been tempered by recent figures showing no growth in retail sales in September, and a 2.5% decline in industrial output in August.
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Originally posted by zeeblebotLies!! The stimulus package revived the economy as did the other massive spending and soon the NHC plan and cap and trade will create millions upon millions of green jobs and keep us all healthy and worry free. In fact, I think what we need is even more spending and tax programs!!
http://news.bbc.co.uk/2/hi/business/8321970.stm
Record recession for UK economy
Friday, 23 October 2009 21:48 UK
The UK economy unexpectedly contracted by 0.4% between July and September, according to official figures, meaning the country is still in recession.
It is the first time UK gross domestic product (GDP) has contracted for six consecut ...[text shortened]... growth in retail sales in September, and a 2.5% decline in industrial output in August.
...