UK economic output collapses by 20.4% in second-quarter

Britain’s economy shrank by a record 20.4% between April and June, when the coronavirus lockdown was tightest, the largest contraction reported by any major economy so far, official figures showed on Wednesday.

According to Press TV, the data also showed the world’s sixth-biggest economy entered a recession as it shrank for a second quarter in a row.

There were signs of a recovery in the month of June alone when gross domestic product grew by 8.7% from May, the Office for National Statistics said.

That was just above economists’ average expectation in a Reuters poll for an 8% rise.

“The recession brought on by the coronavirus pandemic has led to the biggest fall in quarterly GDP on record,” Jonathan Athow of the Office for National Statistics said.

“The economy began to bounce back in June... Despite this, GDP in June still remains a sixth below its level in February, before the virus struck.”

ME