UK’s economic plunge at the peak of coronavirus lockdown was not quite as bad as thought – but GDP still fell a record 19.8% in second quarter
The UK’s economic plunge at the peak of coronavirus lockdown was not quite as bad as thought – but still the worst in modern history.
Official figures for the fall in GDP during the three months to June have been revised down from 20.4 per cent to 19.8 per cent.
However, the scale of the drop still makes it the biggest on record.
And the Office for National Statistics (ONS) has also concluded that UK plc performed worse during the first quarter of the year.
The economy contracted 2.5 per cent between January and March, compared to previous estimate of 2.2 per cent.
Official figures for the fall in GDP during the three months to June have been revised down from 20.4 per cent to 19.8 per cent. However, the scale of the drop still makes it the biggestin modern history
Overall GDP is now 21.8 per cent smaller than at the end of 2019 – underlining the threat to millions of jobs as Boris Johnson struggles to balance getting the country back up and running with tackling a rise in cases.
There have been some signs of hope, with the Bank of England suggesting the recovery has been better than expected so far.
Separate figures published earlier this month showed GDP went up by 6.6 per cent in July.
The ONS said: ‘While it is still true that these early estimates are prone to revision, we prefer to focus on the magnitude of the contraction that has taken place in response to the coronavirus pandemic.
‘It is clear that the UK is in the largest recession on record.
‘The latest estimates show that the UK economy is now 21.8 per cent smaller than it was at the end of 2019, highlighting the unprecedented size of this contraction.’
Boris Johnson (pictured in Exeter yesterday) is struggling to balance getting the country back up and running with tackling a rise in cases