An advertising board displaying official coronavirus testing and tracking recommendations from the British government.
Mike Kemp | In pictures via Getty Images
According to preliminary data released on Wednesday, the British economy contracted by 20.4% in the second quarter of 2020 compared to the previous three months due to the lockdown caused by the coronavirus.
With the relaxation of the government̵
The plunge in the second quarter was the worst on record, with a 2.2% contraction in the first quarter. Reuters survey showed that analysts had expected the index to fall by 20.5%. Two consecutive contractions mean that the British economy is currently in technical cancellation
According to the National Bureau of Statistics (ONS), services, construction, and production all experienced record quarterly declines, especially in those sectors most vulnerable to government restrictions.
Jonathan Athow, Deputy Chairman of National Economic Statistics, National Bureau of Statistics of the United Kingdom, said: “With the reopening of stores, the economy began to rebound in June, factories began to increase production, and housing construction continued to resume.”
“Nevertheless, the gross domestic product in June was still one-sixth below the level in February before the virus outbreak.”
In terms of level, real GDP fell for the last time in the second quarter of 2003, and compared with the second quarter of 2019, the British economy fell by 21.7%.
The National Bureau of Statistics pointed out that due to public health restrictions, its data collection is facing difficulties, so its estimates are more uncertain than usual.