{"id":2978,"date":"2010-03-30T09:47:40","date_gmt":"2010-03-30T09:47:40","guid":{"rendered":"https:\/\/mmm.9dotdigital.ca\/?p=2978"},"modified":"2025-03-27T15:49:01","modified_gmt":"2025-03-27T15:49:01","slug":"uk-non-oil-recession-less-severe-than-early-1980s","status":"publish","type":"post","link":"https:\/\/mmm.9dotdigital.ca\/?p=2978","title":{"rendered":"UK non-oil recession less severe than early 1980s"},"content":{"rendered":"<p>The further upward revision to fourth-quarter GDP growth to 0.4% from an originally-reported 0.1% brings the official series into line with <a href=\"http:\/\/www.moneymovesmarkets.com\/journal\/2010\/1\/22\/uk-vacancies-rise-consistent-with-solid-gdp.html\">earlier<\/a> expectations. The initial 0.1% estimate, released in late January, probably influenced the MPC members who considered expanding gilt-buying at the February meeting.<\/p>\n<p>The revised figures also <a href=\"http:\/\/www.moneymovesmarkets.com\/journal\/2010\/3\/2\/uk-recession-ex-oil-less-severe-than-1979-81.html\">confirm<\/a> that the fall in non-North Sea output in the recent recession was smaller than during the 1979-81 contraction. Gross value added (GVA) excluding oil and gas declined by 5.8% between the first quarter of 2008 and third quarter of 2009 versus a 6.4% drop between the second quarter of 1979 and first quarter of 1981 &ndash; see chart.<\/p>\n<p>On top of the fourth-quarter upgrade, the fall in GVA excluding oil and gas in the third quarter was lowered from 0.2% to 0.1% (0.08% to two decimal places). Further revisions may show that the non-oil economy bottomed in the second rather than third quarter, as suggested by business surveys and labour market evidence.<\/p>\n<p><span class=\"full-image-block ssNonEditable\"><span><img decoding=\"async\" src=\"\/storage\/graphs\/gross-value-added300310.gif?__SQUARESPACE_CACHEVERSION=1269943358365\" alt=\"\" \/><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The further upward revision to fourth-quarter GDP growth to 0.4% from an originally-reported 0.1% brings the official series into line with earlier expectations. The initial 0.1% estimate, released in late January, probably influenced the MPC members who considered expanding gilt-buying at the February meeting. The revised figures also confirm that the fall in non-North Sea [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-2978","post","type-post","status-publish","format-standard","hentry","category-money-moves-markets"],"_links":{"self":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2978","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2978"}],"version-history":[{"count":1,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2978\/revisions"}],"predecessor-version":[{"id":5287,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2978\/revisions\/5287"}],"wp:attachment":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}