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Declines in GDP were dominated by business inventories and interest-sensitive spending such as cars and houses.
Three consecutive quarterly declines in GDP since the fourth quarter of 2011 are difficult to reconcile with rising employment and falls in the jobless rate.
For the results of austerity policies in Europe have been as good a test as you ever get in macroeconomics, and without exception big cuts in government spending have been followed by big declines in GDP.
Huge declines in GDP, the recent falls of the Czech, Hungarian and Latvian governments, and nervousness about NATO's future made the subject seem uncomfortably topical.As the wind of events turns chillier the main comfort blanket is the European Union.
As a result, they were willing to endure Depression-level declines in GDP if that was the price of independence from Russia's orbit.While interesting, it is unclear how applicable this experience is to Greece or Mr Schwartz Giron's native Spain.
Darling rattled through a similar comparison, but as George Osborne noted, he used the total peak-to-trough declines in GDP during the recession for the US (3.2%), Germany(5.6%), Italy 5.9%) and Japan (7.7%), before citing the UK's decline of 4.9% this year.
Similar(51)
It forecast a 4.1% decline in GDP this year, followed by another fall, of 0.4%, in 2010.
Beyond the eurozone, the Czech Republic suffered a 0.8% decline in GDP during the quarter.
The decline in GDP is twice as big as the IMF forecast in April.
Wow, we've trimmed a more than 20 percent decline in GDP to around 15 percent.
Overall, malnutrition makes people poorer – it is responsible for an 11% decline in GDP in affected countries.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com