Friday, July 24, 2009
Another Poor Showing For U.K. GDP
The U.K.'s GDP number for the second quarter surprised to the downside: 0.8% decline. Some forecasters were actually predicting an expansion. Remember, this number is not annualized: our BEA would have reported this number as a drop of 3.2% (please see the post on June 30, 2008 regarding calculation methods).