British GDP Shrinks By 20.4% From The Previous Quarter, Officially In Recession
Data released by the British government on Wednesday showed that the second quarter, British GDP contracted by 20.4% from the previous quarter, the largest decline on record, and contracted for two consecutive quarters, including the stainless steel pipe industry, marking its official economic recession in a technical recession.
This also made the UK the worst-performing major economy in Europe during the epidemic, surpassing Spain and France, which were hard hit by the epidemic.
Compared with the same period last year, the UK’s GDP in the second quarter fell by 21.7%.
