The UK is in an official COVID-19 recession after GDP plunged 20.4% in Q2

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UK GDP Q2 recession ONS chartOffices for National Statistics

  • The United Kingdom has entered a recession for the first time in 11 years due to the coronavirus pandemic’s impact on the economy.
  • Figures from the Office for National Statistics show that from April to June, GDP plunged 20.4%
  • The figures marked a second consecutive quarter of contraction, the technical definition of a recession.
  • The economy began to rebound in June after lockdown restrictions were relaxed, but is still in deep trouble.
  • The neighboring Eurozone is also in recession, which was announced in late July.
  • Visit Business Insider’s homepage for more stories.

The UK is in an official recession, the country’s statistics authority confirmed on Wednesday.

GDP fell by 20.4% in the second quarter of 2020, the biggest fall on record, according to figures from the Office for National Statistics.

The fall marks the second consecutive quarter of retraction, a widely-used definition of a recession.

The

https://markets.businessinsider.com/news/stocks/uk-entered-recession-for-first-time-in-11-years-bbc-2020-8-1029494977

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