Economists React: ‘Staggeringly Weak’ U.K. GDP Reading - Real Time Economics - WSJ

The weakness of growth was concentrated in the services (-0.5%q/q) and construction (-3.3%q/q) sectors, where output fell sharply in December. That does look very much driven by the cold weather – construction work just couldn’t have taken place. And as we know, planes didn’t take off and trains didn’t arrive. We absolutely do not think the U.K. has relapsed into recession. Recessions are caused by economic and financial shocks, not by snow. Other indicators we would associate with recession – collapsing business confidence and sharply increases in claims for unemployment benefit – are not in evidence whatsoever. – Credit Suisse