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Britain's economy shrank by nearly 20% in second quarter
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IANS | 30 Sep, 2020
Britain's economy shrank by a record 19.8 per cent in the second
quarter, entering recession over the coronavirus lockdown, but the
contraction was less severe than first thought, official data showed on
Wednesday.
The fall was the biggest since the Office for National
Statistics (ONS) records began in 1955. Other data has suggested
Britain is on course for its biggest annual fall since the 1920s.
Britain's
economy had already shrunk by 2.5 per cent in the January-March period
as the country entered lockdown in late March, CGTN reported.
Output
has rebounded in recent months but the recovery looks to be fading with
rising coronavirus cases and forecasts of a jump in unemployment as the
government scales back job support.
"The renewed Covid-19
restrictions will probably mean that GDP stagnates in Q4, leaving
economic activity marooned 5.5 per cent short of its pre-crisis level,"
Ruth Gregory of consultancy Capital Economics said.
"And the risk now is that renewed containment measures send the recovery into reverse," she added.
Britain has suffered Europe's highest death toll from COVID-19, with more than 42,000 fatalities.
Compared
with a year earlier, Britain's second quarter output tumbled 21.5 per
cent - the same as in Spain - while France reported a 19 percent drop.
The
statistics office said differences in how countries estimated public
sector activity " especially whether they focused on money spent or used
the ONS's approach of looking at the extent of disruption to normal
services " complicated international comparisons.
Nonetheless, it said Britain's economy shrank more than any other Group of Seven economy in the first half of 2020.
There have been some bright spots in the recovery.
Retail
spending exceeded pre-pandemic levels in July and August "driven by a
boom in online shopping, groceries and home improvement " and figures on
Wednesday showed the biggest annual rise in house prices in more than
four years.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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