RANsquawk EU Morning Call - UK GDP (Q1 A) Preview - 25/04/12

Comments

[ZippyBananaPants]

Can I have strawberry in a waffle cone? Better make it a double dipper!

[tocointhephrase]

That is such a depressing joke!

[lolmao500]

UK officially in recession!

[tocointhephrase]

Well done Osborne you schmuck! Time to ramp up the war rhetoric with Iran? 

[Colonial Intent]

They're going to need more than a war to win the next election.......

[Josephine29]

So as the UK is now officially in a recession perhaps the real question as discussed in the article shown below is whether she is now in a depression?!

The NIESR also has an interesting view on whether the UK is in a depression which it defines as ” a period when output is depressed below its previous peak”. On such a definition it feels this.

the period of depression is likely to continue for some time. We do not expect output to pass its peak in early 2008 until 2014.

An interesting view is it not? By their measure we are not in recession but we are in a depression! What is particularly interesting from their chart is that this period of depression is different from past ones. They would all be showing clear signs of recovery by now but this one is not,in medical terms we are flat-lining. By now even the 1930-34 depression had a level of economic output which had exceeded the previous peak whereas we remain just over 4% below it.

Since then we have discovered that the  Office for National Statistics thinks that the UK is in a recession. Not much of a double-act is it? One putting us in recession and the other in a depression…

http://www.mindfulmoney.co.uk/wp/shaun-richards/now-we-are-told-that-the-uk-is-back-in-recession-the-real-question-is-are-we-in-a-depression-too/

[trebuchet]

the total orders flatlining at - 8 isnt good either