A London Based Digital Publication Covering Diplomatic & Business Activities Globally

Tuesday, March 19, 2024

UK goes into record recession after economy shrinks by 20%

The United Kingdom officially went into a recession after the economy contracted by a record 20.4% in the second quarter with the country in lockdown over the coronavirus pandemic, official data showed.

“It is clear that the UK is in the largest recession on record,” the Office for National Statistics said.

Britain officially entered recession in the second quarter after gross domestic product (GDP) contracted by 2.2% in the first three months of the year.

The technical definition of a recession is two quarterly contractions in a row.

The ONS said that the contraction for the first six months of 2020 “was slightly below the 22.7% seen in Spain but was more than double the 10.6% fall in United States”.

It added that Britain’s dire second quarter was driven by a 20% drop in output in April, “the biggest monthly fall on record reflecting widespread… declines in output across the services, production, and construction industries”.

Latest Posts

Latest Posts

Stay in touch

To be updated with all the latest news, offers and special announcements.

RELATED ARTICLES

UAE & Turkmenistan expand Economic ties

Turkmenistan's Berdimuhamedow urges UAE collaboration in gas field development....

Crown Prince Appreciates the World Governments Summit Team

The Crown Prince Appreciates the valuable efforts of the...

WTO Promotes Consensus

The final World Trade Organization General Council meeting before...

UK and Azerbaijan celebrate growing bilateral relations

UK PM Rishi Sunak congratulated President Ilham Aliyev on...

World Government Summit brings Global leaders to Dubai

The pre-summit day of the World Governments Summit (WGS)...

HH Shiekh Mohammed bin Rashid Meets Youth

Sheikh Mohammed bin Rashid Al Maktoum met with Arab...

Shiekh Hamdan Bin Zayed Honors Environmental Achievers

His Highness Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s...

Princess Kate shares a Message after meeting HM the King

Prince William and Kate Middleton share a Children's Mental...

HM King of Sweden to visit Europe

King Frederik X of Denmark and Queen Mary will...