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UK economy collapses 20.4% in Q2, unemployment fears mount

2020-08-13 09:10:51       source:CGTN

August 12,2020


Britain's economy shrank by a record 20.4 percent between April and June, when the coronavirus lockdown was tightest, the largest contraction reported by any major economy so far, with a wave of job losses set to hit later in 2020, official figures showed on Wednesday.


Official figures published on Wednesday also showed the world's sixth-biggest economy entered a recession as it shrank for a second quarter in a row.


There were signs of a recovery in June when output grew by 8.7 percent from May, the Office for National Statistics (ONS) said, just above economists' average expectation in a Reuters poll for an 8-percent rise.


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https://news.cgtn.com/news/2020-08-12/UK-economic-output-collapses-by-20-4-in-Q2-STswli3XEY/index.html