Close

British economy plunged record 20 percent in second quarter

The British economy contracted by a record 20.4 percent in April, May and June as the coronavirus pandemic shut business.

This represents the largest quarterly drop on record, according to the Office for National Statistics, which released the data Wednesday. “It is clear that the UK is in the largest recession on record,” the ONS said in a statement.

The sharpest decrease during the second quarter was in April and May, with June seeing gross domestic product increase of 8.7 percent.

“The economy began to bounce back in June with shops reopening, factories beginning to ramp up production and housebuilding continuing to recover,” ONS Deputy National Statistician Jonathan Athow said in the statement.

The numbers show the hit to the economy was worse in the U.K. than countries in Continental Europe such as France and Germany, whose lockdown restrictions were eased earlier.

Source: POLITICO https://www.politico.eu/article/uk-economy-plunged-record-20-percent-in-second-quarter/?utm_source=RSS_Feed&utm_medium=RSS&utm_campaign=RSS_Syndication