Wednesday, July 25, 2012

British GDP figures to confirm worst double-dip recession in 50 years

Britain's longest double-dip recession for more than 50 years will be confirmed in official figures out on Wednesday.  Gross domestic product (GDP) – a broad measure for the total economy – is forecast to have shrunk by around 0.2% between April and June in its third straight quarter of contraction.  That would mark the longest double-dip recession since quarterly records began in 1955 and is believed to be the worst since the second world war.

Anyone who follows shadow stats will know this has been going on much longer.  Not a huge fan of GDP obsession, but it shows that old stream media are slowly catching up to what the web has known for about 5 years...

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