The UK economy’s record contraction in the second quarter was less severe than first thought, with gross domestic product plunging 19.8% between April and June, the Office for National Statistics has said.

The ONS also revised first-quarter figures, which now show a steeper contraction of 2.5% between January and March.

It previously estimated that GDP fell 2.2% in the first quarter and 20.4% in the following three months.

Despite the revisions, the UK economy still tumbled into the largest recession since current records began after two successive quarters of falling GDP due to the coronavirus crisis.

More follows…

Main Source link