Uk in record recession after economy shrinks by fifth

13 August 2020
2020-08-13 14:54

Britain's economy shrank by a fifth in the second quarter, higher than any European neighbour, as the coronavirus pandemic slammed businesses and plunged the country into a record recession. GDP shrank 2.2 percent in the first three months of this year. The Office for National Statistics (ONS) said Britain's dire second quarter was driven by a 20-percent drop in output in April, "the biggest monthly fall on record reflecting widespread... declines in output across the services, production, and construction industries".

It is Britain's first recession since 2009 and the performance is the worst of the so-called Group of Seven richest countries in the world over the same period. ONS data released Monday showed that around 730,000 workers have been removed from the payrolls of British companies since March.

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