Friday, October 23, 2009

U.K. Recession Continued In The Third Quarter

U.K. GDP continued to contract in the third quarter of 2009, marking the sixth straight quarter of decline. Compared to Q2 2009, it contracted 0.4% (1.6% at an annual rate), compared to Q3 2008 it contracted 5.2% and compared to the peak level reached in Q1 2008, it contracted 6.0%.

At the same time, numbers for the euro zone looks stronger.

So much for Paul Krugman's theory that the more Keynesian policies in the U.K. gives it a stronger recovery than in other countries.....