Those Liberal Democrat predictions

The risk of global recession is staring us in the face. Some analysts are even starting to warn of the risk of an economic 'ice age' where markets stagnate and growth disappears. They speak of the risk of a system failure.

Matthew Taylor MP, Liberal Democrat Treasury Treasury spokesman, speech to Liberal Democrat conference, Torquay, 15 March 2003

The economy roared ahead at an even faster pace this summer than previously thought, spurred by powerful business and consumer spending. Gross domestic product was revised to an 8.2% annual rate for the third quarter, the Commerce Department reported Tuesday.

That was a full percentage point higher than the 7.2% initial estimate from the government, and even higher than the strong 8% growth economists had forecast, according to a survey by Dow Jones and CNBC. The economy's blistering run in the third quarter marked its best quarterly performance since a 9% surge in the first three months of 1984.

Wall Street Journal, 'GDP Is Revised Upward To 8.2% for 3rd Quarter', 25 November 2003