UK officially in recession

by Stephen Tall on January 23, 2009

We can stop using caveat-heavy phrases such as ‘the looming recession’ – it’s now officially here, as the BBC reports:

The UK is officially in recession for the first time since the early 1990s, government figures have confirmed.

Gross domestic product fell by 1.5% in 2008’s final quarter, following on from a 0.6% contraction in the previous three months.

That means that the widely accepted definition of a recession – two consecutive quarters of falling economic growth – has been met.

It also represents the biggest quarter-on-quarter decline since 1980.

Still, look on the bright side … it’s Friday.