U.K. GDP Exceeds Pre-Crisis Peak – The Numbers

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3.2%

The U.K.’s annualized growth in the second quarter. That’s a little slower than the 3.3% in notched up in the first three months but still a respectable performance. Growth was driven by the U.K.’s dominant services sector. The International Monetary Fund expects the U.K. to expand 3.2% in 2014 as a whole, or double the 1.7% forecast for the US.

0.2%

British gross domestic product ended the second quarter 0.2% higher than it was in the first quarter of 2008, just before it entered a deep recession caused by the global financial crisis that brought down investment bank Lehman Brothers Holdings Inc.

7.2%

The depth, from peak to trough, of the U.K.’s 2008 and 2009 recession. It amounted to a huge fall in output that pushed unemployment to a peak of 8.4% in late 2011.

6

The number of years the U.K. has taken to recover the ground lost in the downturn. Among the reasons for the painfully slow recovery: a problematic banking system, sluggish global demand, high inflation, a crisis in the neighboring euro zone and government austerity.

3

The U.S. managed to recover its prerecession size in half the time it has taken the U.K.. U.S. GDP exceeded its December 2007 peak in the fourth quarter of 2010.

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25 July 2014 | 1:00 pm – Source: blogs.wsj.com

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