UK economy contracted 20.4% in Q2

12 Aug 2020 12:37 PM
The coronavirus outbreak caused the UK economy to collapse by 20.4% in Q2, below expectations of 30.8% but nonetheless the UK’s first recession since the global financial crisis in 2008.

Statistics showed a marked decline in all sectors in the UK, with a 20% contraction in the critical service sector. The Office for National Statistics said: “This is the largest quarterly contraction in the UK economy since the index began recording in 1955, and reflects ongoing restrictions on public health and forms of voluntary social distancing.”

However, the UK economy has begun to show some signs of recovery. June’s GDP data showed growth of 8.7%.

Tags:

Prices may be delayed by 5 seconds. Prices above are subject to our website terms and conditions. Prices are indicative only