LONDON - Britain’s economy shrank by a record 20.4% in the second quarter when the coronavirus lockdown was tightest, the most severe contraction reported by any major economy so far, with a wave of job losses set to hit later in 2020.
The data confirmed that the world’s sixth-biggest economy had entered a recession, with the low point coming in April when output was more than 25% below its pre-pandemic level. The second-quarter GDP slump exceeded the 12.1% drop in the euro zone and the 9.5% fall in the United States. Sunak - who told the BBC he saw some “promising signs” in GDP data for the month of June - reiterated his opposition to extending the programme.
Britain closed restaurants, shops and other public spaces after many other European countries, meaning more of the hit was felt in the second quarter.
The us stock market has almost returned to all time high levels. NASDAQ is at record levels. When we are allowed to go to work again the USA will be a shining example of economic rebound. We can’t compare current contraction to the depression. Our economy is massive not small.
Guess the president told untruths again.
UK doesn’t have to worry. Some Corrupt ruler from Asia or Africa will launder billions of pounds to UK and stabilise it economy. No other European country is doing such a money business to keep its economy afloat except UK. Keep it up UK.
And yet would still be larger than most EU countries. 🥱
Economía d Reino Unido se contrajo un récord de 20.4% en el II Trimestre 2020, la contracción más grande entre las economías con desarrollo en el mundo hasta ahora. En el caso d las Economias emergentes la de Perú con 31.9%, es la q más cayó en el mismo período (de pandemia).
Wonder if Putin is tired of all the winning.
Predictable, no ? Whatelse could be expected from the Brexit...
How dare you report this! So insensitive! Boris had corona! He was dying! Cummings just did what any father would do! And Churchill killed Hitler! Respect the vote of the people! Scaremongering remoaner tears!
And they have the most per capita COVID deaths in Europe. No wonder the government there is drumming up anti-migrant sentiment.
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