UK economy grew by record 16% in Q3 after first lockdown slump
Wednesday, 12 23 2020, Category: Economy, Country: United Kingdom
Britain’s economic recovery from its coronavirus crash was a bit quicker than previously thought in the July-September period, according to official data which also showed government borrowing soaring to pay for the coronavirus crisis.
Gross domestic product grew by a record 16.0 percent in the third quarter – revised up from a previous estimate of 15.5 percent – but that still did not make up for its 18.8 percent slump in the April-June period when much of the economy was shut down.
The Office for National Statistics also said Britain borrowed a record £241 billion ($323 billion) in the first eight months of the financial year, nearly £190 billion more than in the same period a year earlier.
The country’s budget forecasters think the deficit will hit almost £400 billion in the 2020/21 year, close to 20 percent of GDP or double the hit from the global financial crisis.
Source: Arab News