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UK economy collapsed in the second quarter



A woman wearing a protective mask waits for customers in a souvenir shop in Southbank – a cultural hub of London as the city encourages domestic tourism after the global Coronavirus shutdown dramatically narrows tourists International calendar in London, UK, August 10, 2020.

Dominika Zarzycka / Zuma Press

The British economy collapsed in its most recorded second quarter in its worst history of any major economy during the pandemic.

UK gross domestic product fell by 20.4% quarter-on-quarter in the second quarter, worse than both France and Spain were hit hard. It was more than twice the decline of about 10% for the US and Germany during the period.

The 20.4% drop was slightly better than the 21.2% forecast by economists.

“The economy started to recover in June with stores reopening, factories starting to ramp up production, and home construction continuing to recover. However, GDP in June is still 1/6 of that of February, before the virus attacks, ”said ONS Deputy Minister of Economic Statistics Jonathan Athow.

Even when the UK has opened up, it still has more restrictions than other advanced economies. Goldman Sachs’ effective door lock index in the UK is twice that of France and also higher than the US, Germany, Italy and Spain. People in Manchester, east Lancashire and parts of West Yorkshire are prohibited from meeting different households in their homes.


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