Recession: how Britain compares with the rest of the world

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Recession: how Britain compares with the rest of the world


News Article Date: Tuesday 27th of October 2009


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Follow our mortgage blog the latest news and often irreverent views Click here to follow our overseas mortgage blog Thanks for reading Britain is still in recession, official figures have indicated. Economists are shocked but how does Britain's financial state compare with the rest of the world? Britain Still in recession. The country was hit particularly hard by the collapse of the banking system, because its economy was overly reliant on City firms. It entered into a recession in the second quarter of last year, and in the first quarter Gross Domestic Product (GDP) fell to a low of -2.5 per cent. Despite a bounce back in the housing market, and a resilient high street, the economy is still in negative territory. Related Articles Britain still in recession: decline continues Recession: Why Britain has fared so badly UK recession timeline: the story so far Sarkozy wants 'well-being' measure to replace GDP Europe in deepest recession since War as Germany suffers China's property market tipped for revival France Out of recession. Entered recession at the same time as Britain and was expected to be hit hard by its lack of flexible workforce. In fact, it has survived surprisingly well, with its manufacturing base helping it come out of recession in the second quarter of this year. Germany Out of recession. It too was expected to be poleaxed by the global recession, because its economy had been struggling for a while and it is one of the world's biggest exporters. Its GDP did slump to -3.5 per cent in the first quarter of this year, but recovered sharply to exit its recession in the second quarter. Japan Out of recession. Like Germany, it was expected to hamstrung by its reliance on exports and electronics and car manufacturing. Intriguingly, these factors have played in its favour and the country after a deep slump at the end of last year and the start of this year, has recovered. Spain Still in recession. If you thought Britain had it tough, spare a thought for Spain, which has found itself in a dire state thanks to a spectacular bursting of its property bubble. Unemployment is running at an alarming rate, with 18 per cent of its workforce out of a job (compared with 7.9 per cent in Britain). Though it entered its recession later than most countries, in the third quarter of last year, it is expected to fare badly well into next year. USA Still in recession. Most economists believe the USA will have exited its recession during the third quarter, but official figures have yet to be released. While pockets of the country have been laid low by the bursting of its housing market, fuelled by subprime mortgages, and the near terminal decline of its automotive sector, it is surviving better than expected. China Never in recession. The country's astonishing boom has slowed down considerably, as countries around the world stopped buying its cheap electronics, plastic goods and metals. Chinese exports fell by 26 per cent during May. However, during the third quarter its economy still expanded by 8.9 per cent in the third quarter of this year, compared to the same quarter a year ago, helped by the Government pumping money into state subsidies, and urging its people to "Buy China".
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Follow our mortgage blog the latest news and often irreverent views Click here to follow our overseas mortgage blog Thanks for reading

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