UK still in recession, breaks records
…with the recession lasting six consecutive quarters for first time since quarterly figures were first recorded in 1955. And like a broken record, the British economy actually shrank 0.4% in Q3 based on first estimates. This went contrary to analysts’ expectations of growth of 0.2%. Whilst production and construction industries shrank as expected, a 0.2pc fall in output in the dominant services industry was an unpleasant surprise. We live in hope… “Previous GDP figures have tended to be revised …
…with the recession lasting six consecutive quarters for first time since quarterly figures were first recorded in 1955. And like a broken record, the British economy actually shrank 0.4% in Q3 based on first estimates.
This went contrary to analysts’ expectations of growth of 0.2%. Whilst production and construction industries shrank as expected, a 0.2pc fall in output in the dominant services industry was an unpleasant surprise.
We live in hope… “Previous GDP figures have tended to be revised up more than down and the same may well apply here,” Michael Saunders, economist at Citigroup said in the Telegraph.
Time for more QE?
