UK officially in recession after record drop in GDP
The UK economy declined by more than 20% in the second quarter of 2020 as the lockdown pushed the country into recession for the first time in 11 years.
It is the biggest drop ever recorded, confirming the scale of the economic challenge that the country now faces.
The economy had shrunk by 2.2% in the first quarter, affected by the global pandemic and the start of the lockdown. A recession is defined as two consecutive quarters of falling gross domestic product (GDP).
The monthly GDP figures offer a note of optimism as in Ju... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
