List of recessions in the United Kingdom
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This is a list of (recent) recessions (and depressions) that have affected the economy of the United_Kingdom.
| Name | Dates | Duration | GDP reduction | Causes | Other data |
|---|---|---|---|---|---|
| 1919-21 depression | 1919-1921 | ~3 years | 10.9% 1919 6.0% 1920 8.1% 1921[1] |
The end of the First World War | Deflation ~10% in 1921, and ~14% in 1922.[2] |
| Great Depression | 1930-1931 | ~2years | 0.7% 1930 5.1% 1931[1] |
US Depression. Reducing demand for UK exports, also high interest rate defending the gold standard.[3] | UK came off gold standard Sept 1931. 3-5% deflation pa. UK much less affected than US. |
| Mid 1970s recession | 1973-75 | 2 years (6 out of 9 Qtr) |
3.9%[2] [4] 3.37%[5] |
1973 oil crisis |
Took 14 quarters for GDP to recover to that at start of recession[2] |
| Early 1980s recession | 1980-82 | ~2 years (6 - 7 Qtr) |
6.1%[6] | Cause - possibly monetarist government policies to reduce inflation ? See 1979-1983 | Company earnings decline 35%. Unemployment rises 124% from 5.3% of the working population in Aug 1979 to 11.9% in 1984[7] Took 13 quarters for GDP to recover to that at start of 1980[2] |
| Early 1990s recession | 1990-92 | ~2 years (5 Qtr)[8] |
2.5%[9] | US savings and loan crisis leading to the Early 1990s recession. | Company earnings decline 25%. Peak budget deficit ~8% of GDP. Unemployment rises 55% from 6.9% of the working population in 1990 to 10.7% in 1993[7] Took 13 quarters for GDP to recover to that at start of recession[2] |
| Late 2000s recession | 2008-present | 4 Qtrs so far, from Q2 2008 (~May) | 4.1% to end Mar-09 Forecasts ~5-6.2%[10] |
Financial crisis of 2007-2009 | Manufacturing output down 7% by end 2008. Unemployment 1.97M at end 2008 CBI forecast manufacturing output to drop 10% in 2009. Unemployment forecast to rise to 3.0M (9.4%) in 2010.[11] |
[edit] References
- ^ a b D Smith, Sunday Times (UK) 9 Nov 2008
- ^ a b c d e Bank of England Feb 2009 Quarterly inflation report
- ^ D Sandbrook. Daily Mail (UK) 8 Nov 2008
- ^ Office of National Statistics, IHYQ series, Gross Domestic Product: Quarter on Quarter growth: CVM SA, Seasonally adjusted, Constant 2003 prices, Updated on 23/ 1/2009, retrieved on 17 February 2009
- ^ ONS GDP ABMI series
- ^ Talk:List_of_recessions_in_the_United_Kingdom#1980-1981
- ^ a b "UK unemployment" FT 20 Nov 2008
- ^ Talk:List_of_recessions_in_the_United_Kingdom#1990-1992
- ^ D Smith, Sunday Times 26 Oct 2008
- ^ Talk:List_of_recessions_in_the_United_Kingdom#Late 2000s recession
- ^ CBI Feb 2009 Economic forecast
[edit] External links
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Wikinews has related news: United Kingdom officially enters economic recession |
- Office for National Statistics website
- ONS quarterly GDP growth
- Latest Bank of England inflation report (PDF sections)
- Bank of England Feb 2009 Quarterly inflation report - Much data, including (on p20) previous 3 UK recessions.
- "What is the difference between a recession and a depression?" Saul Eslake Nov 2008
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