Recession of 2009/Addendum

Selected economic statistics

Growth rates

GDP at constant market prices

% change on previous period

					2007				2008				2009				2010				2011
	2006	2007	2008	2009	Q1	Q2	Q3	Q4	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	-1.2	-0.2	0.4	1.2	0.9	0.9	0.6	0.6	0.1	0.3	0.5	0.7
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	-4.2	1.7	0.1	1.1	1.2	1.3	0.6	-0.6	-1.8	-0.3	1.7	-0.2
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	1.5	0.6	0.6	0.8	0.9	-0.2	1.0	0.4
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	-2.3	-0.7	-0.3	0.4	0.4	1.1	0.7	-0.5	0.2	-0.1	0.6	-0.3
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	-3.4	0.5	0.7	0.3	0.6	1.9	0.8	0.5	1.3	0.3	0.6	-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	-1.5	0.1	0.3	0.6	0.2	0.7	0.4	0.4	0.9	0.0	0.3	0.2
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	-2.9	-0.3	0.4	-0.1	0.4	0.5	0.2	0.2	0.1	0.3	-0.2	-0.7

(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] )

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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]

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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])

The oil price

The price of crude oil on the New York Stock Exchange ($/barrel[4])

2007		2008		2009		2010
January	June	January	June	January	June	January	June
56	65	98	139	46	68	83	72

World trade

OECD trade in goods and services

% value change on previous quarter (priced in US$).

	2008				2009				2010
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Exports	5.6	5.6	-3.0	-18.4	-12.7	1.8	7.5	7.6	0.6
Imports	6.2	5.2	-2.0	-18.5	-14.3	-0.5	8.1	6.2	2.5

(Source: OECD economic indicators[5])

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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[6]

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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 [7])

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Debt

Public debt estimates

(National debt

% of GDP )

	Japan	Italy	France	Germany	United States	United Kingdom	Average
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

average of advanced G20 countries

(Source: IMF Staff Position Note November 2009 [8])

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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[9])

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