Shares

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

Daily Movers

Let's Talk

Buying Abingdon Health shares - w …Great interview - thanks. Prospects look good and not definitely n … Read More
Holding or selling ODX shares? Pr …That update looks like it saved it up from 40p! Would look foolish … Read More
Does Aquis do RNS announcements£270 per announcement that's mad!??! Would definitely make se … Read More
Buying Tremor SharesNot the end of the world; £8 now so not the best short term gain Read More
BOTB share price target at £14 - …Haven't seen the report but suppose if they invest wisely and … Read More
Hey, profit awaits! Free Sharebuyers Newsletter

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