Tags: gdp | uk | percent | economy

UK Records Deepest Recession as GDP Falls by 22 Percent

UK Records Deepest Recession as GDP Falls by 22 Percent
A man walks past buildings offered for let on August 12, 2020 in Middlesbrough, United Kingdom. (Ian Forsyth/Getty Images)

By    |   Wednesday, 12 August 2020 09:41 PM

UK economic output fell by 22.1 percent in the first half of 2020 according to the Office for National Statistics (ONS), pushing the country into the deepest recession of any major global economy amid the coronavirus pandemic, reports Sky News.  

"Today's figures confirm that hard times are here," UK finance minister Rishi Sunak said in a statement. "Hundreds of thousands of people have already lost their jobs, and sadly in the coming months many more will. But while there are difficult choices to be made ahead, we will get through this, and I can assure people that nobody will be left without hope or opportunity."

The UK economy bounced back in June as government restrictions eased, though Jonathan Athow, deputy national statistician for economic statistics, said "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 schools, car repair shops, hotels, shops and restaurants.

The decline was concentrated in April at the height of the lockdown. The number of people without work fell by 220,000 between April and June.

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UK economic output fell by 22.1 percent in the first half of 2020 according to the Office for National Statistics, pushing the country into the deepest recession of any major global economy amid the coronavirus pandemic, reports Sky News....
gdp, uk, percent, economy
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2020-41-12
Wednesday, 12 August 2020 09:41 PM
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