Wednesday, April 8, 2009

First quarter GDP down 1.5 percent

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.


  1. 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?

  2. 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.

  3. 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.


  4. Keep your graphs coming Alice. They are much appreciated.
    Thank you.

  5. I second that!

    Much appreciated and informative blog.