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On 23 January 2009, Government figures from the Office for National Statistics showed that the UK was officially in recession for the first time since 1991; with a 1.5% fall in gross domestic product during the final quarter of 2008 being the sharpest for 28 years. [93] On 5 February 2009 interest rates were cut further from 1.5% to 1%.
As of October 2014, only five out of the 71 countries with available quarterly data (Cyprus, Italy, Croatia, Belize and El Salvador), were still in ongoing recessions. [2] [3] The many follow-up recessions hitting the European countries, are commonly referred to as being direct repercussions of the European debt crisis.
The National Bureau of Economic Research dates recessions on a monthly basis back to 1854; according to their chronology, from 1854 to 1919, there were 16 cycles. The average recession lasted 22 months, and the average expansion 27. From 1919 to 1945, there were six cycles; recessions lasted an average 18 months and expansions for 35.
Recession Period. Start. End. Total Time Elapsed. The Great Depression–Late ’20s and Early ’30s. August 1929. March 1933. 3 years, 7 months. The Great Recession–aka The 2008 Financial Crisis
The following articles contain lists of recessions: List of recessions in the United Kingdom; List of recessions in the United States
European debt crisis (EU) (2009–2019) Greek government-debt crisis (2009–2018) [6] 2010–2014 Portuguese financial crisis; Black Monday (2011) 2012–2013 Cypriot financial crisis; Crisis in Venezuela (2012–now) Russian financial crisis (2014–2016) 2014 Brazilian economic crisis; 2015–2016 Chinese stock market turbulence
This is a list of recessions (and depressions) that have affected the economy of the United Kingdom and its predecessor states. In the United Kingdom a recession is generally defined as two successive quarters of negative economic growth, as measured by the seasonally adjusted quarter-on-quarter figures for real GDP. Name Dates Duration Real GDP reduction Causes Other data Great Slump c. 1430 ...
As of October 2014, only five out of the 71 countries with available quarterly data (Cyprus, Italy, Croatia, Belize and El Salvador), were still in ongoing recessions. [16] [128] The many follow-up recessions hitting the European countries, are commonly referred to as being direct repercussions of the European debt crisis.