GDP falls 20.4% as coronavirus fuels biggest quarterly decline in growth since 1955
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Britain’s economy has been officially confirmed in recession for the first time since the 2008 financial crisis as the coronavirus pandemic plunges the country into the deepest slump on record.
The Office for National Statistics said gross domestic product (GDP), the broadest measure of economic prosperity, fell in the three months to the end of June by 20.4% – the biggest quarterly decline since comparable records began in 1955.
Continue reading…GDP falls 20.4% as coronavirus fuels biggest quarterly decline in growth since 1955UK falls into recession – live business updatesCoronavirus – latest updatesSee all our coronavirus coverageBritain’s economy has been officially confirmed in recession for the first time since the 2008 financial crisis as the coronavirus pandemic plunges the country into the deepest slump on record.The Office for National Statistics said gross domestic product (GDP), the broadest measure of economic prosperity, fell in the three months to the end of June by 20.4% – the biggest quarterly decline since comparable records began in 1955. Continue reading…