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UK IS IN AN OFFICIAL COVID-19 RECESSION AFTER GDP PLUNGED 20.4% IN Q2.

7 months ago | World Business News | 0 comments

By Xai Reyes

According to figures from the Office for National Statistics, GDP fell by 20.4% in the second quarter of 2020, the biggest fall on record.

The fall marks the second consecutive quarter of retraction, a widely-used definition of a recession.

UK GDP began to contract sharply in late March when COVID-19 began to spread rapidly in the population, and the government imposed sweeping lockdown measures in response.

Although most of the impact was not registered in the Q1 figures due to the timing, the UK GDP still fell 2.2% in Q1 2020, setting the stage for the much sharper fall in Q2.

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