Britain is facing its worst recession

According to figures released on Wednesday by the National Statistics Office, the UK economy recorded a historic decline of more than 20% in the second quarter.

A decrease of its economy of 20.4% during the second quarter. As a result of the new krona virus crisis, the UK is facing its worst recession.

According to the National Statistics Office, which publishes these figures on Wednesday, August 12, most of the contraction, which began to be felt in March, in April, occurred a full month of containment and almost total cessation. operations that saw production collapse by 20%.

With a very early recovery in construction sites and manufacturing activities, gross domestic product (GDP) recovered by 2.4% in May (revised figure) and then accelerated in June (+ 8.7%) mainly due to the reopening of all stores, describe ons.

This is the largest decline in the UK economy since the ONS started these quarterly statistics in 1955, he said.

While acknowledging the seriousness of the situation, British Finance Minister Rishi Sunak assured that no citizen would remain.

“I have said before that hard times lie ahead, today’s figures confirm it. Hundreds of thousands of people have already lost their jobs and unfortunately many more will do so in the coming months. The same,” the Chancellor commented. “But if there are tough choices that need to be made, we will weather” this storm, he added.

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An economic downturn due to containment

The historical size of this recession reflects “restrictions” on travel and activity that have taken place since the lockdown in the country took effect on March 23.

The Statistics Office notes that the UK economy contracted by 22.1% during the two quarters of the recession, “slightly less than the 22.7% observed in Spain, but more than doubled GDP by 10.6% in the US” during the same period .

For ONS, this “greater contraction” in the UK than in most European countries reflects the longer duration of containment measures.

With AFP