UK Economy Officially in Recession After 11 Years

The economy of Great Britain has officially fallen into recession after 11 years, as it dropped by the record 20.4% in the second quarter, as a consequence of the implementation of restrictive measures in an attempt to fight coronavirus. The UK Office for National Statistics recorded a drop of 2.2% in the first three months and then of 20.4% in April, the biggest monthly drop ever recorded.

Unlike other countries, the British statistics agency presents monthly numbers which follow the quarterly numbers and they are showing a hint of hope that the economy is recovering after some lockdown measures have been loosened.

In June, when stores carrying non-essential items were allowed to reopen, the British economy grew at a monthly rate of 8.7%.

– The economy started recovering in June, when stores reopened, factories increased the production and the construction industry continued recovering – said an official of the UK Office for National Statistics.

The UK government hopes that, with the easing of the measures in the past months, such as the reopening of the hospitality sector in July, the economy will be able to continue recovering.

economy

recession

coronavirus

UK Office of National Statistics