Recession of 2009/Addendum
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↑ average of advanced G20 countries
Selected economic statistics
Growth rates
- GDP at constant market prices
- % change on previous period
2007 2008 2009 2010 2006 2007 2008 2009 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 United States 2.8 2.0 0.4 -2.4 0.0 1.2 1.6 0.0 0.2 0.7 -0.1 -1.4 -1.6 -0.3 0.9 1.5 0.8 Japan 2.0 2.4 -0.6 -5.3 1.0 -0.3 0.4 1.0 0.3 -1.2 -0.4 -3.2 -3.3 0.6 1.2 0.9 Canada 3.1 2.7 0.5 -2.6 1.0 1.0 0.6 0.2 -0.2 0.1 0.2 0.8 -1.4 -0.6 0.1 1.2 United Kingdom 2.8 3.0 0.7 -4.8 0.8 0.8 0.6 0.9 0.3 0.0 -0.7 -1.6 -2.4 -0.6 -0.2 0.4 0.2 Germany 3.0 2.5 1.3 -5.0 0.4 0.4 0.6 0.3 1.5 -0.5 -0.5 -2.1 -3.8 0.3 0.7 0.0 0.2 France 2.2 2.2 0.8 -2.3 0.6 0.5 0.7 0.4 0.4 -0.3 0.1 -1.1 -1.2 0.3 0.3 0.6 0.1 Italy 2.0 1.6 -1.0 -5.0 0.2 0.1 0.2 -0.3 0.3 -0.6 -0.7 -2.1 -2.4 -0.5 0.8 -0.3 0.5
- (Source: OECD, Main Economic Indicators)
Consumer prices
- percentage increase on the same period of the previous year
2009 2008 2009 Mar Jun Sep Dec United States 3.8 -0.4 -0.4 -1.4 -1.3 2.7 United Kingdom 3.6 2.2 2.9 1.8 1.1 2.8 France 2.8 0.1 0.3 -0.5 -0.4 0.9 Germany 2.6 0.4 0.5 0.1 -0.3 0.9 Italy 3.3 0.8 1.2 0.5 0.2 1.3 Japan 1.4 -1.4 -0.3 -1.8 -2.2 -1.3 G7 countries 3.2 -0.1 -0.1 -0.9 -1.0 1.8
- (Source OECD[1] )
Unemployment rates
- OECD harmonised rates
- % seasonally adjusted)
2009 2007 2008 2009 Q1 Q2 Q3 Q4 United States 4.6 5.8 9.3 8.2 9.3 9.7 10.0 United Kingdom 5.3 5.5 7.6 7.1 7.7 7.8 7.7 Japan 3.9 4.0 5.1 4.5 5.1 5.1 5.2 Germany 8.4 7.3 7.5 7.3 7.6 7.6 7.5 France 8.3 7.9 9.4 8.9 9.3 9.5 10.0
- (Source: OECD)[2]
Commodity prices
IMF Index of Primary Commodity Prices, (2005=100, in terms of US dollars)
2007 2008 2009 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 118 130 137 154 172 203 197 117 99 114 126 136
- (Source: IMF [3])
World trade
- OECD trade in goods and services
- % value change on previous quarter (priced in US$).
2008 2009 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Exports 5.2 5.4 -2.7 -18.1 -13.4 1.8 7.8 Imports 5.7 4.8 -2.8 -18.2 -14.7 -0.8 8.7
- (Source: OECD economic indicators[4])
Policy Actions
Central bank measures
Federal Reserve Bank European Central Bank Bank of Japan Bank of England Lowering policy rates to very low levels
X De facto X X Increasing liquidity provision to financial institutions
X X X X Intervening directly in wider segments of the financial market
X X X X Purchasing long-term government bonds
X X X Supporting specific institutions
X X X
- Source: OECD Economics Working Papper No 753 February 2010[5]
Fiscal stimulus packages
- % of GDP
2008 2009 2010 Total United States 1.1 2.0 1.8 4.8 United Kingdom 0.2 1.4 -0.1 1.5 Germany 0.0 1.5 2.0 3.4 France 0.0 0.7 0.7 1.3 Japan 0.4 1.4 0.4 2.2 Canada 0.0 1.5 1.3 2.7 China 0.4 2.0 2.0 4.4
- (Source: IMF estimates February 2009 [6])
Debt
Public debt estimates
- (National debt
- % of GDP )
Japan Italy France Germany United States United Kingdom Average [1] 2007 188 104 64 63 62 44 78 2009 217 117 77 80 89 69 101 2010 219 116 78 79 85 69 99 2014 246 129 96 89 108 98 118
- (Source: IMF Staff Position Note November 2009 [7])
Total debt
- % of GDP 2008
United Kingdom Japan France Italy United States Germany Government 52 188 73 101 60 69 Financial institutions 202 108 81 77 56 76 Non-financial businesses 114 96 110 81 78 66 Households 101 67 44 40 56 47 Total 469 459 308 298 290 274 % growth 2000-08 10.2 0.3 7.7 6.3 8.1 2.5
- (Source: Debt and Deleverageing, the Global Credit Bubble and its Consequences, McKinsey, 2010)