How does this recession compare to previous ones and when will the economy recover?

1 min Read Published: 29 Apr 2010

 

Following last Friday's Headline of the Day: The UK economic recovery loses momentum official figures show - there is a danger we can get a bit bogged down in the moment. Occasionally it's good to take a step back and look at the big picture. For example, how bad has this recession been compared to others? How long will it be before the economy fully recovers?

The graphic below should help answer some of these questions. It shows how the UK's GDP (Gross Domestic Product) has fared during previous recessions. It also shows where we are in the current one.

(source Data Blog - The Guardian)

Clearly there is more to life than GDP figures but they are the official measure used to judge how well the economy is doing. While recessions are measured by economic statistics their impact on the man on the street can't be shown on a graph.

But this aside, the graph does neatly illustrate that based on past history we are certainly some way off from being out of the woods.

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