The UK remains in a main COVID-19 economic crisis after GDP plunged 20.4%in Q2

A chart by the UK’s Office for National Stats, released August 12, revealing a sharp Q2 decline in UK GDP.

Workplaces for National Stats.

• The United Kingdom has gone into a recession for the first time in 11 years due to the coronavirus pandemic’s effect on the economy.
• Figures from the Workplace for National Data show that from April to June, GDP plunged 20.4%
• The figures marked a second successive quarter of contraction, the technical definition of an economic crisis.
• It is the UK’s deepest ever recession.

  GDP fell by 20.4%in the 2nd quarter of 2020, the biggest fall on record, according to figures from the Workplace for National Data

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

  Rishi Sunak, the UK’s chancellor of the exchequer, said: “I’ve said prior to that hard times were ahead, and today’s figures verify that difficult times are here.

  UK GDP started to contract sharply in late March, when COVID-19 began to spread out rapidly in the population, and the federal government enforced sweeping lockdown procedures in action.

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

  The United States economy too is in recession and has been because February, according to its stats authority.

  As Business Expert reported, the National Bureau of Economic Research study declared an economic downturn in early June.

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source https://jobsearchtips.net/the-uk-remains-in-a-main-covid-19-economic-crisis-after-gdp-plunged-20-4in-q2/