UK plummets into recession after GDP falls 20.4 percent
(Worthy News) – The U.K. economy has officially plummeted into recession after official figures announced Wednesday showed a stunning 20.4% drop in the second quarter of the year – the biggest drop since quarterly records began in 1955.
The recession is the deepest coronavirus-related drop among the top leading industrial economies and followed a 2.2% contraction in the first three months of the year. It’s the country’s first recession in 11 years.
The government’s Office for National Statistics (ONS) reported record quarterly falls between April and June in services, production and construction output, and a drop in private consumption by 23.1 percent – which accounted for more than 70 percent of the GDP drop. [ Source: Fox News (Read More…) ]
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