UK recovery weakest of any since the end of WWI

[Dubhgeannain]

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The UK economic recovery is the weakest of any since the end of the First World War in 1918, according to a leading economics institute.

The National Institute of Economic and Social Research said on Wednesday that economic output grew by 0.5% (pdf) between July and September compared with the previous three months, after growth of 0.4% in the three months ending in August.

Simon Kirby of the NIESR said UK economic growth over the past year has been anaemic; the level of output is only 0.5% higher than this time last year. He said the level of GDP (gross domestic product) is still 4% below its pre-recession peak, suggesting that this recovery will be the weakest of any since the end of the First World War.

The National Institute says it interprets the term “recession” to mean a period when output is falling or receding, while “depression” is a period when output is depressed below its previous peak. Thus, unless output turns down again, the recession is over, while the period of depression is likely to continue for some time.

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