UK ENTERS RECESSION FOR THE FIRST TIME IN ELEVEN YEARS
The United Kingdom is in recession for the first time in eleven years, according to the Guardian.
Reports say its economy contracted by a record 20.4 percent in the second quarter with the country in lockdown due to the coronavirus pandemic
It is clear that the UK is in the largest recession on record,” the Office for National Statistics said in a statement.
Household spending plunged as shops were ordered to close, while factory and construction output also fell.
This pushed the UK into its first technical recession defined as two consecutive quarters of economic decline since 2009.
The Office for National Statistics (ONS) said the economy bounced back in June as government restrictions on movement started to ease.
On a month-on-month basis, the economy grew by 8.7% in June, after growth of 1.8% in May.
But Jonathan Athow, deputy national statistician for economic statistics, said: "Despite this, gross domestic product (GDP) in June still remains a sixth below its level in February, before the virus struck."
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