A billboard displaying official coronavirus testing and tracking tips from the UK government.
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According to preliminary data released Wednesday, the UK economy fell 20.4% in the second quarter of 2020 compared with the previous three months, as a result of coronavirus shutdowns. its activity.
GDP (gross domestic product) increased 8.7% in June as government sanctions eased, showing a slight recovery of 1.8% in May after falling 20.4% on April.
The decline in the second quarter was the worst on record and followed the 2.2% drop in the first quarter. Analysts were expecting a 20.5% drop, according to a Reuters poll. Two consecutive recession periods mean the UK economy is currently in technical recession.
According to the Office of National Statistics (ONS), services, construction and manufacturing all fell quarterly records, especially in the sectors most subject to government restrictions.
“The economy started to recover in June with stores reopening, factories starting to ramp up production and housing construction continuing to recover,” said Deputy Director of National Economic Statistics ONS Jonathan Athow said.
“Even so, the GDP in June was still one sixth below the level in February, before the virus hit.”
In terms of terms, real GDP was last lower in Q2 2003, while compared to Q2 2019, the UK economy decreased by 21.7%.
The ONS noted that their estimates are more uncertain than usual, due to difficulties encountered in data collection due to public health constraints.