63 and out (caught)

22 August 2008 By Ian Campbell

While Team GB was getting ready for a stunning Olympics, Economy UK was collapsing. The fall comes after almost sixteen years of steady growth what they would call in cricket a good innings. The country looks set to be in the pavilion now for quite a while.

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The UK's national statistics office reported today that GDP growth was 0.0% in the second quarter of 2008, revised down from 0.2% in its previous estimate. This brought to an end 63 consecutive quarters of economic growth. By comparison with a year earlier, GDP rose by 1.4%.

Manufacturing output fell by 0.8% from the previous quarter. Service industries grew by 0.2%. Construction output fell by 1.1%. Household expenditure fell by 0.1 per cent and was 2.3% higher than the second quarter of 2007.

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