Coronavirus: ‘Largest UK recession on record’ – official figures
Written by Gavin on 12th August 2020
The UK has been tipped into the “largest recession on record”, according to official figures charting the impact of the coronavirus crisis on the economy.
The Office for National Statistics (ONS) reported that the enforced hibernation of activity through the COVID-19 lockdown meant gross domestic product (GDP) slumped by 20.4% in the second quarter of the year following a dip of 2.2% in the first three months of 2020.
It said the measures to limit the spread of the virus meant the economy was now a sixth below its pre-crisis level in February as May’s recovery in growth gathered further momentum during June as the lockdown was eased further.