| Name |
Dates |
Duration |
GDP reduction |
Causes |
Other data |
| 1919-21 depression |
1919-1921 |
~3 years |
10.9% 1919
6.0% 1920
8.1% 1921 |
The end of the First World War |
Deflation ~10% in 1921, and ~14% in 1922. |
| Great Depression |
1930-1931 |
~2years |
0.7% 1930
5.1% 1931 |
US Depression. Reducing demand for UK exports, also high interest rate defending the gold standard. |
UK came off gold standard Sept 1931. 3-5% deflation pa. UK much less affected than US. |
| Mid 1970s recession |
1973-75 |
2 years |
3.9%
3.37% |
1973 oil crisis |
Took 14 quarters for GDP to recover to that at start of recession |
| Early 1980s recession |
1980-82 |
~2 years |
6.1% |
Cause - possibly monetarist government policies to reduce inflation ? See 1979-1983 |
Company earnings decline 35%. Unemployment rises 124% from 5.3% of the working population in Aug 1979 to 11.9% in 1984[7] Took 13 quarters for GDP to recover to that at start of 1980 |
| Early 1990s recession |
1990-92 |
~2 years |
2.5% |
US savings and loan crisis leading to the Early 1990s recession. |
Company earnings decline 25%. Peak budget deficit ~8% of GDP. Unemployment rises 55% from 6.9% of the working population in 1990 to 10.7% in 1993[7] Took 13 quarters for GDP to recover to that at start of recession |
| Late 2000s recession |
2008-? |
4 Qtrs so far, from Q2 2008 (~May) |
4.1% to end Mar-09
Forecasts ~5-6.2% |
Financial crisis of 2007-2009 |
Manufacturing output down 7% by end 2008. Unemployment 1.97M at end 2008
CBI forecast manufacturing output to drop 10% in 2009. Unemployment forecast to rise to 3.0M (9.4%) in 2010 |
