How Many European Recessions?
If European countries used similar criteria to those used in the US for determining economic cycles, the Great Recession in many of them would quite possibly be considered an ongoing five-year slump. Such measurement issues may sound like a matter of minor technical details, but they can have significant real-world implications.
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CAMBRIDGE – The release of revised GDP data by the United Kingdom’s Office for National Statistics in late June seemed like an occasion for cheer, because growth had not quite been negative for two consecutive quarters in the winter of 2011-12, as previously thought. The point, as it was reported, is that a second UK recession following the global financial crisis in 2008 (a “double dip”) had now been erased from the history books, and that the Conservative government would take some satisfaction from this fact. But it should not.