Covid-19: UK Economy Plunges Into Deepest Recession Since Records Began

August 12, 2020 by admin

Covid-19: UK economy plunges into deepest recession since records began

GDP falls 20.4% – the worst of any G7 nation in the three months to June

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Britain has entered the deepest recession since records began as official figures on Wednesday showed the economy shrank by more than any other major nation during the coronavirus outbreak in the three months to June.

The Office for National Statistics (ONS) said gross domestic product (GDP), the broadest measure of economic prosperity, fell in the second quarter by 20.4% compared with the previous three months – the biggest quarterly decline since comparable records began in 1955.

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