Country Q307 Q407 Q108 Q208
Ireland 0.6 0.1 -0.2 *
Spain 0.7 0.8 0.3 0.1
France 0.7 0.4 0.4 -0.3
Germany 0.6 0.3 1.3 -0.5
Italy 0.2 -0.4 0.5 -0.3
UK 0.6 0.6 0.3 0.2
USA 1.2 0.0 0.2 0.5
Japan 0.2 0.6 0.8 -0.6
* denotes figures not available yet
As you can see the UK is holding up despite having higher interest rates than any of the countries listed (base rates in the UK are 5%, in the eurozone 4.25%, in the USA 2% and in Japan 0.5%)
On a more general point, it seems that countries with a good amount of domestic consumption are holding up, while countries who rely on exports are vulnerable to their target markets suddenly not buying. The USA has survived because of a massive cut in interest rates, plus $100bn of tax rebate cheques mailed out in the first half. The real test is how they cope now the rebates have gone.
Things that affect domestic consumption in the UK are oil and food prices and credit. Of these, oil and food should ease later in year, as drops in the prices of commodities feed through. That in turn should bring down inflation and pave the way for a rate cut.
If the UK gets through this world storm without contracting, Gordon Brown deserves a medal, as this will have been the second world storm he steered us through without contraction.