After the US is UK is in the recession?

[arnold]

Though the recession in US is not officially announced yet, but I think that US surely in a recession from Q-3 2007. all the Economic data Except the GDP data showing that US is in a recession for the Housing bubble burst & related financial problem.

However, today’s GDP figure showing that UK is in a recession as in Q2 2008 UK GDP was flat & now this Quarter GDP contracted sharp 0.5%.

Moreover, now it is clear that UK housing sector is in a decline like US housing, but for the UK the problem has just started & yet a lot to decline. Therefore, I think that UK economic growth will contract more in coming quarter.

[atkinson]

Hi I agree with you completely, it is sure that UK is now in a recession as
Consecutive two GDP figure meets the recession definition. However, I think that this is a global recession & it just has started & yet a long play is due.

What you said about the UK housing sector that is quite sure as the UK house price has just started to fall & I think that overall price may fall another 20-25%. If the Housing sector falls this huge, it would make a long-term negative effect to the economy & it will take a long time to recover. I think we may not see a rebound in the UK economy until 1010.

[atkinson]

sorry it would be 2010,