UK falls into recession for the first time in 11 years due to impact of the Coronavirus pandemic

Posted by E.L.E.X on August 12 2020 under News









UK has officially fallen into recession for the first time in 11 years due to the impact of the Coronavirus pandemic.

 

The Office for National Statistics said the UK gross domestic product (GDP) is estimated to have fallen by a record 20.4% in Quarter 2 (Apr to June) 2020, marking the second consecutive quarterly decline after GDP fell by 2.2% in the previous quarter (Jan to Mar) 2020.

 

This plunged the UK into its first technical recession, defined as two straight quarters of economic decline since 2009.

 

Jonathan Athow, the deputy national statistician for economic statistics, said the economy bounced back in June after the monthly gross domestic product (GDP) expanded by 8.7% following growth of 2.4% in May 2020, but it wasn't enough to recover the lost output earlier in the year. 

 

 "The economy began to bounce back in June with shops reopening, factories beginning to ramp up production and housebuilding continuing to recover.

 

"Despite this, gross domestic product (GDP) in June still remains a sixth below its level in February, before the virus struck."

 

The ONS said the collapse in output was driven by the closure of shops, hotels, restaurants, schools, and car repair shops.

 

The services sector, which powers four-fifths of the economy, suffered the biggest quarterly decline on record, the report said. 

 

The construction sector was particularly badly hit, after building sites were shut down during the height of the lockdown.

 

 

 

 

 




YOU MAY ALSO LIKE

Related Posts Pictures

Nigerians are very forgetful - President Buhari (video)

Related Posts Pictures

Chinese consulate in Houston was hiding scientist working for Chinese military -FBI alleges after closing consulate

Related Posts Pictures

Heartwarming moment Irelands President Michael Higginss dog barges into press conference and refuses to leave his side, unless it gets a belly rub (photos/Video)

Related Posts Pictures

Nigeria has more girls working as prostitutes in Dubai than any other country in the world-FFK

Related Posts Pictures

Woman Caught Trying To Dump Her Lover’s Dead Body Inside A Bush In Ogun

Comments


Add Comment

All fields are required!








Contact Us Picture

Are you interested in Advert placement | Promoting your Music or Video | Other Enquiries? We are always available to get that done for you without breaking a sweat. Send us a mail @ elextechnologies4@gmail.com | Call us @ 08132021949 | Message us via whatsapp @ 08132021949