UK economy plunges into deepest recession since records began
Friday, 08 14 2020, Category: Economy, Country: United Kingdom
Britain has entered the deepest recession since records began as official figures on Wednesday showed the economy shrank by more than any other major nation during the coronavirus outbreak in the three months to June.
The Office for National Statistics (ONS) said gross domestic product (GDP), the broadest measure of economic prosperity, fell in the second quarter by 20.4% compared with the previous three months – the biggest quarterly decline since comparable records began in 1955.
After a decline of 2.2% in the first quarter, the figures confirm the UK economy plunged into recession after the Covid-19 outbreak spread in March and the government imposed a nationwide lockdown to contain it. Economists consider two consecutive quarters of shrinking GDP as the technical definition of a recession.
Source: The Guardian