The world economy has been devastated due to widespread Chinese Corona Virus COVID-19. The United Kingdom has suffered heavy losses due to less economic activities for the last 9 months. Several restrictions have been placed Internationally to combat Covid-19 pandemic. Which has started in China’s Wuhan provinces. The virus has devastated millions of people’s livelihood.
The British economy contracted 21.5 per cent year-on-year in the second quarter of 2020, slightly less than initial estimates of a 21.7 per cent drop. Still, it is the biggest contraction since comparable records began in 1956 and the second consecutive quarterly decline in GDP. Officially entering a recession, amid a widespread disruption to economic activity due to the coronavirus pandemic and the government’s efforts to contain it. Fixed investment fell 26.1 per cent, below a 27 per cent drop in the preliminary estimates while household spending sank at a faster 26.2 per cent (vs 25.2 per cent).
Britain’s gross domestic product slumped by 21.7 per cent year-on-year in the second quarter of 2020, the biggest fall since comparable records began in 1956 and compared with market expectations of a 22.4 per cent plunge, a preliminary estimate showed.
There was widespread disruption to economic activity due to the coronavirus pandemic and the government’s efforts to contain it. Household consumption dropped 25.2 per cent and fixed investment slumped 27.0 per cent. Also, government spending was 16.9 per cent lower while exports and imports both fell sharply.
Britain’s gross domestic product shrank by 1.7 per cent year-on-year in the first quarter of 2020, the biggest fall since the third quarter of 2009 and compared with a preliminary estimate of a 1.6 per cent slump, due to widespread disruption to economic activity due to the coronavirus pandemic and the government’s efforts to contain it since the second half of March.
Household consumption dropped 2.5 per cent (vs preliminary -1 per cent) and fixed investment slumped 2.5 per cent (vs preliminary -2.3 per cent). Also, government spending dropped 1.6 per cent lower (vs preliminary -0.1 per cent) while the negative contribution of net trade was revised downwards as exports and imports both fell sharply.
Source : Trending Economy
