Surprise recession

We had the surprise announcement on Tuesday (4 September) that growth in the second quarter of this year was again negative (-0.7%). We use the word ‘again’, because the first quarter was also negative at -2.6%, with two successive quarters of negative growth triggering the term ‘recession’. We had anticipated a marginally positive number on Tuesday with broad-based tepid growth being dragged down by agriculture and manufacturing. As it turns…