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Denmark the first to enter recession - form an orderly queue please
3rd July 2008
Denmark has become the first European nation to go into recession on July 1—economic output officially shrank for two quarters in a row. Known for its high taxes and expensive cost of living, Denmark was not alone in enjoying a property bubble over the last decade, but the boom is well and truly over and a combination of falling wealth, and real incomes eroded by the spiralling cost of living has contributed to the economy moving into recession territory.
Spain, Ireland and the UK dont look to be too far behind!
Here is a short report from the Guardian
Geoff Riley
Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.