Recession of 2009/Addendum
Recent economic developments
Autumn 2008
Bank of England slashes its discount rate by an unprecedented 1.5 per cent to 3 per cent.
US industrial production falls. Chicago Federal Reserve Bank's National Activity Index (CFNAI) falls from -1.61 for August to -2.57 for September, mainly on steep fall in industrial production [1].
US consumer confidence falls to its lowest point since first measured in 1967.
US output falls - by 0.3% between second and third quarters of 2008 [2]
US interest rate reduced - a 0.5 percentage point cut in the Federal Reserve Bank's benchmark rate to 1.0%.
Credit crunch eases slightly in late October - after steep rises in September[3] [4].
The oil price falls. (October US light $67/barrel, down fron July $147 peak)[5].
UK output falls - by 0.5% between second and third quarters of 2008 [6].
Crises in Iceland, Hungary and Ukraine - to be tackled by loans from the International Monetary Fund
Forecasts and outturns
- Annual percentage growth in Gross Domestic Product
- (forecasts are shown in italics)
Date Source Country 2007 2008 2009 2010 2011 02 October 2008 International Monetary Fund [7]. United States 2.0 1.6 0.1 United Kingdom 3.0 1.0 -0.1 France 2.2 0.8 0.2 Japan 2.1 0.7 0.5 China 12 10 9 World 5.0 3.9 3.0 08 October 2008 Conference Board [8] United States 2.0 1.7 0.0 08 November 2008 Economist poll [9] United States 2.0 1.4 -0.1 United Kingdom 3.0 0.9 -1.0 France 2.2 0.9 0.0 Japan 2.1 0.5 -0.1