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.