Categories: Business

UK falls into recession as GDP tumbles 20.4PC in April-June UK recession hit, GDP dips 20.4 per cent in April-June

Photo: GAZETTE

UK falls into recession as GDP tumbles 20.4PC in April-June

London. The lockdown implemented to overcome the corona virus epidemic in the UK resulted in a steep 20.4 percent drop in GDP in the second quarter. With this, Britain's economy is officially hit by recession. The economy is officially considered to be in the grip of a recession when the UK has negative growth rates for two consecutive quarters.

According to data from the National Statistics Office, the economy declined by 2.2 percent in the first quarter of 2020. Unlike other countries, Britain's statistics agency releases quarterly figures as well as monthly figures, and these figures show that the economy is showing hope for improvement.

The UK economy grew at a rate of 8.7 per cent after allowing non-basic goods shops to reopen in June. The UK government hopes that further improvement will take place as the economy opens up and ease of functioning.

This post was published on August 12, 2020 6:13 pm

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