Recession of 2009/Timelines
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2008, 4th quarter
The oil price falls. (November US light $60/barrel, down fron July $147 peak)[1].
UK output falls - by 0.5% between second and third quarters of 2008 [2].
Bank of England slashes its discount rate by an unprecedented 1.5 per cent to 3 per cent.
US output falls - by 0.3% between second and third quarters of 2008 [6]
China's GDP growth rate falls - to a 9 per cent increase in the third quarter of 2008 over the 3rd quarter of 2007 [3]
China announces a $586 billion fiscal stimulus [4]