Economics weekly by Lloyds TSB

In this weekly, we focus on the recent trends in UK GDP and the prospects for growth in Q1 2010. Paradoxically, the upward revision to UK GDP growth in Q4 of 2009, to 0.4% from 0.3%, also saw a downward revision to growth in earlier years.

UK economic growth revised up in Q4

In this weekly, we focus on the recent trends in UK GDP and the prospects for growth in Q1 2010. Paradoxically, the upward revision to UK GDP growth in Q4 of 2009, to 0.4% from 0.3%, also saw a downward revision to growth in earlier years. Hence, the peak to trough fall in UK gdp during the recession just ended is 6.3%, down from 6.2% in the previous release of the data. For 2009 as a whole, there was a fall of 4.9% in GDP, the biggest fall in any single year since the figures have been recorded on this basis. Moreover, the UK’s recovery from recession has been slower and the downturn deeper than that of the average of the G7 economies. UK economic growth fell for six consecutive quarters, from Q2 2008 to Q3 2009, whilst the average fall in the other G7 countries was four consecutive quarters.

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