GDP Quarterly Growth +0.2%

Very interesting.
There is a table showing each quarter has been above 2.3 Quarter on quarter of previous year going back to Q3 2006 until the latest release.

YoY it's been as follows

2001 2.4%
2002 2.1%
2003 2.8%
2004 3.3%
2005 1.8%
2006 2.9%
2007 3.0%

The first 6 months is showing +0.51%pa so far

Here is the Times take on it

http://business.timesonline.co.uk/tol/business/economics/article4395796.ece

"UK economic growth weakest for three years


Britain’s economy slowed to a crawl in the second quarter, with growth dropping to the weakest for three years as housebuilding activity halted, official figures revealed this morning.

GDP growth in the three months to the end of June fell to 0.2 per cent, from the 0.3 per cent pace registered in the first quarter of the year, the Office for National Statistics (ONS) said.

The slowdown left Britain’s second-quarter economic performance as the worst since the start of 2005, when the economy also grew by 0.2 per cent. Growth was last weaker in the spring of 2001, at 0.1 per cent."

kennyboy66 wrote: »

Aren't these figures often revised?

It feels like we are in recession already.

Have you actually been in a recession (as an adult, working person) before?

Things feel bad now because the media is finally starting to tell people about the mess we are in and they see the price of their 'safety blanket' houses falling. They aren't actually bad (for most people) yet because the knock on 'real world' effects of mass unemployment haven't yet hit us.

One year from now, you'll see what a recession actually is and you'll be looking back to now as some sort of golden age. Just like we fondly look back to a quid a gallon petrol half a year ago now.

mewbie wrote: »

litre.....

Whoops .... my mistake.

Hmm, coming to think of it, petrol is now approx five and a half quid a gallon now :eek:

!!!!!!? wrote: »

Have you actually been in a recession (as an adult, working person) before?

Things feel bad now because the media is finally starting to tell people about the mess we are in and they see the price of their 'safety blanket' houses falling. They aren't actually bad (for most people) yet because the knock on 'real world' effects of mass unemployment haven't yet hit us.

One year from now, you'll see what a recession actually is and you'll be looking back to now as some sort of golden age. Just like we fondly look back to a quid a gallon petrol half a year ago now.

Don't be so bloody patronising. I know from bitter experience exactly how grim the 80-82 recession was and I hope this recession is not as bad as that.
The early 90's recession from my experience was no-where near as bad.
Maybe that was because i was not unemployed at that time and not a homeowner.

Perhaps for pedants out there, I should have said that it feels like we are at the start of a recession. It is usually only 6-9 months after the recession started that you can say that the textbook definition of a recession has arrived.

I never take much notice of what I read in newspapers but I know that thinks are already bad in construction & transport. Will things get worse? - without a doubt.
Will manufacturing suffer a recession? Possibly not.

I really can't believe that anyone who lived through the early 80's recession would want to put interest rates up at this stage of the economic cycle.