U.K. Succumbs to First Double-Dip Recession Since 1970s: Economy - Bloomberg ;..
Britain, the first Group of Seven country to report output for the first quarter, was hit hard by the financial crisis that erupted in 2007 and GDP is still 4.3 percent below its pre-recession peak in early 2008. Only Japan and Italy are further behind among G-7 nations.
The last time Britain experienced a double-dip recession, defined as consecutive quarterly drops in GDP before the economy had recovered output lost in the previous recession, was 1975. That year, Labour Prime Minister Harold Wilson was in office andMargaret Thatcher was elected leader of the opposition Conservatives. U.K. Treasury forecasters and the International Monetary Fund predict the economy will grow 0.8 percent this year, the same as last year.
Britain, the first Group of Seven country to report output for the first quarter, was hit hard by the financial crisis that erupted in 2007 and GDP is still 4.3 percent below its pre- recession peak in early 2008. Only Japan and Italy are further behind among G-7 nations.
ReplyDeleteThe last time Britain experienced a double-dip recession, defined as consecutive quarterly drops in GDP before the economy had recovered output lost in the previous recession, was 1975. That year, Labour Prime Minister Harold Wilson was in office and Margaret Thatcher was elected leader of the opposition Conservatives. U.K. Treasury forecasters and the International Monetary Fund predict the economy will grow 0.8 percent this year, the same as last year.