Good times at the London Stock Exchange, bad times for the GDP.
The recession may be over in Canada, but things are grim in the U.K. Britain's Office for National Statistics announced today that domestic GDP contracted 5.6 percent in April and June compared to the same period last year. That's the worst annual decline there since the country began keeping records in 1955, and it's the fifth quarter in a row that British GDP has shrunk.
Still, things aren't all bad. The U.K.'s main stock index, the FTSE 100, has been on the rise. The British pound is also recovering against the U.S. dollar, after a sharp drop at the end of last year.
There's often a lag between a market recovery and an overall economic recovery. The situation may look terrible now, but if the stock and currency trend continues, things could be looking up for the Brits. Maybe they'll even see a recovery in their pub numbers.
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