The British economy is in recession after contracting a record 20.4 percent in the second quarter as the coronavirus crisis took hold, the Office for National Statistics (ONS) said yesterday.
According to the ONS, the quarterly contraction in the April-to-June period was the largest since 1955 when the agency began to keep quarterly records.
Gross domestic product (GDP) fell 2.2 percent in the first quarter, the ONS said. The ONS said there were signs of improvement in June as government restrictions on movement began to ease.
“The economy began to bounce back in June, with shops reopening, factories beginning to ramp up production and house-building continuing to recover,” said Jonathan Athow, deputy national statistician at the ONS.