It is also the second consecutive quarter of recession in the UK, the worlds sixth largest economy, and the sharp fall in GDP in the second quarter coincides with the time when the UK imposed strict blockade measures. As the UK began to block measures on March 24, the impact on the UKs GDP in the first quarter was relatively small, shrinking by only 2.2% month on month.
Although the British economy has begun to recover gradually recently, it is far less than the previous slump. However, the National Bureau of Statistics said that the growth rate of the UK economy was still 16.8% year-on-year in May.
The recession caused by the epidemic led to a record fall in GDP in the second quarter, said Jonathan athow, deputy director of the office for national statistics. The economy began to rebound in June as shops reopened and factories began to resume production. Nevertheless, GDP in June was still far below the level before the outbreak.
It is worth noting that the scale of the outbreak before the fourth quarter of 2021 can be predicted by the Bank of England.
Commenting on todays GDP data, the UK finance minister, Rishi sunak, commented: todays data confirm that a difficult time has come. Tens of thousands of people have lost their jobs and, sadly, in the coming months, more will be out of work.