-21.7% Economic Growth; UK Added to List of Countries Facing Recession

Economics & Macro

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Andrea Lidwina 13/08/2020 14:21 WIB

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The UK economy contracted by 21.7% in the second quarter of 2020 year-on-year. This represents the sharpest decline since 1956.

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-21.7% Economic Growth; UK Added to List of Countries Facing Recession

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UK Annual (y-o-y) Economic Growth

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The UK economy contracted by 21.7% in the second quarter of 2020 compared to the same period the previous year (year-on-year). This represents the sharpest decline since 1956.

Economic activity in the UK was impacted by the Covid-19 pandemic and the government's response measures. Household consumption and investment remained down in the range of 25-27%. The same occurred with government spending, and export and import values.

Furthermore, in the previous quarter, the UK economy also recorded negative growth of 1.7%. Therefore, the country officially entered a recession.

Editor : Safrezi Fitra

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."