The figures are in, and the United Kingdom has been hit harder than any other major economy following the coronavirus pandemic.
The country’s economic output shrank by 20.4 per cent in the second quarter of 2020, the worst quarterly drop in UK history.
Preliminary figures from the UK’s Office for National Statistics show that the country’s economic struggles stem from its coronavirus-induced lockdowns.
CNBC reports that the plunge followed a 2.2 per cent contraction in the first quarter, and the two periods of back-to-back contraction mean that the country is technically in a recession.
Sectors exposed to government restrictions, including services, construction, and production all saw massive falls.
The numbers are twice as bad as the 10.6 per cent fall recorded in the United States during the same period.
https://www.rebelnew...y_major_economy
Edited by Victoria Watcher, 13 August 2020 - 04:41 AM.