UK officially in biggest recession as output falls twice as much as US

The UK economy experienced its sharpest contraction since records began in 1955 according to statistics from the Office for National Statistics.

GDP, the measure of economic output fell by 20.4% during the second quarter of the year (April to June), building on the negative momentum during the first quarter that only shown a 2.2% fall.

This sharp contraction had been expected as responses to the pandemic including lock downs limited economic output.

Latest estimates now indicate that this is the biggest recession the UK has experienced – compared to the end of the 2019, overall, the UK is now 22.1% smaller.

For the first half of the year, the UK’s cumulative GDP fell by 22.1% – putting it only behind spain in terms of the biggest falls in GDP. The UK’s cumulative GDP fall is more than double the 10.6% that the US recorded during the first half of the year according to the Office for National Statistics.

Add Comment

Click here to post a comment

Let's Talk

Argo & NasdaqThink Peter Wall gave it away in those answers. There is literally … Read More
Omega very bullishNever heard Colin so bullish before, he definitely knows good time … Read More
Getting into CBD stocksThanks I'm going to wait for MXC to dip a bit more big overra … Read More
Argo Blockchain Share Price Predi …Update. I'm not into even more profit. Am holding unless Bitc … Read More
ODX target price is?People obviously wanted to see we have a £200m contract in the bag … Read More
Hey, profit awaits! Free Sharebuyers Newsletter

Receive hot tips you can profit from - only sent when it matters. Twitter: @ShareBuyers.

error: ShareBuyers content is protected