Tuesday, June 30, 2009
U.K. Slowed More Than Expected
The GDP of the United Kingdom dropped 2.4% in the first quarter of this year. Please check the link below for all of the gory details.
The graph above is courtesy of the Office for National Statistics and tracks the growth in real GDP: quarterly change and annual change. Unlike the U.S. report, the headline number IS NOT ANNUALIZED. This number is the quarter to quarter change. To make it apples and apples:
U.S. first quarter: -5.5% annualized growth rate of real GDP
U.K. first quarter: - 9.3% annualized growth rate of real GDP
Not even industrialized nations report data in the same fashion, so please, read carefully when analyzing overseas data.