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GDP fall of 1.5% in final quarter means UK is officially in recession
The UK officially in recession for the first time since the 1990s, as government figures reveal a second successive quarter of negative growth.
Gross domestic product (GDP) declined by 1.5% in the final quarter of 2008, following on from the previous quarters fall of 0.6%.
The news is not a surprise, as the UK has recently experienced large job losses, a depressed housing market and unemployment recently reached 1.92m.
At the end of last year it was believed that the economy would decline 1.5% in 2009, a figure that has now been amended to 2.1%.
Post Date: January 23rd, 2009
Gross domestic product (GDP) declined by 1.5% in the final quarter of 2008, following on from the previous quarters fall of 0.6%.
The news is not a surprise, as the UK has recently experienced large job losses, a depressed housing market and unemployment recently reached 1.92m.
At the end of last year it was believed that the economy would decline 1.5% in 2009, a figure that has now been amended to 2.1%.
Post Date: January 23rd, 2009
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