Thursday, August 20, 2009

UK: BofE Forecasts Suggests Recession is Over

by Calculated Risk on 8/20/2009 12:11:00 AM

From The Times: City taken by surprise as Bank of England’s figures herald end of recession

Britain has emerged from the worst recession since the Second World War, new Bank of England figures suggested yesterday ...

Detailed forecasts published by the Bank showed that gross domestic product (GDP) will rise by 0.2 per cent between July and September, marking the first economic expansion since the first three months of last year. The Bank expects the economy to continue to expand in the fourth quarter, by 0.4 per cent, and sustain the recovery throughout next year.
Note that the GDP figures in Britain are not annualized (0.4 percent is about 1.6 percent as reported in the U.S.)

The recession has apparently ended in Japan, Germany, and France.