UK GDP revised upwards
Yet again figures regarding the UK economy have been revised at a later date with GDP figures for the period between April and June revised from a fall of 0.8% to a fall of 0.7%. This takes the annual decline up from 5.6% to 5.5% in the second quarter although it is still the worst performance by the UK economy since 1995. Those who follow the UK GDP figures will be grateful there has been no downward revision this time and while the 0.1% amendment is useful it does not mark the end of the recession.
Despite many people believing that the UK would be one of the first developed countries to emerge from recession the UK has been beaten to the punch by Germany, France and Japan although there are some analysts who believe the third quarter of 2009 could be a turning point in the UK economy. Officially in recession and awaiting the announcement of the next general election the next 12 months will be vital for the UK economy, the Labour Party and the Conservative party.
The next general election should offer a very interesting debate regarding the UK economy, Gordon Brown's handling of the situation, how the Conservative party would have coped and ultimately how each party will tackle the ever-growing budget deficit.
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