Journal Article

Demand

By Mervyn A. King, Charles Bean, Paul Tucker, Kate Barker, Spencer Dale, Paul Fisher, David Miles, Adam Posen and Andrew Sentance

Publication details

Publication date
Published in
Bank of England Inflation Report
Volume
Nov.: 18-25
ISSN
0

Abstract

UK GDP fell by 0.6% in 2009 Q2, a much smaller fall than recorded in the preceding two quarters. Business investment fell very sharply and consumer spending continued to decline, albeit at a slower rate. The pace of de-stocking moderated and net trade continued to boost growth. The ONS provisionally estimated that UK GDP fell by a further 0.4% in Q3. The world economy showed signs of recovery, with several Asian economies experiencing a robust rebound in growth. Indicators of global activity suggest that this recovery was sustained in the third quarter. Nonetheless, activity both at home and abroad remains significantly below pre-crisis levels.

Notes

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