Britain’s economy to be declared in recession as coronavirus crisis hammers output
Britain’s economy will be declared in recession this week after the coronavirus crisis hammered output.
When second-quarter GDP figures are published, it is expected to mark the first time since the 2009 financial crisis that they will show two successive quarters of decline – the definition of a technical recession.
Hammered: In April the economy shrank by 20.4 per cent, the largest monthly drop on record, after draconian lockdown measures were imposed in late March
GDP already fell by 2.2 per cent in the first quarter, covering January to March. The new figures will cover April, May and June. In April the economy shrank by 20.4 per cent, the largest monthly drop on record, after draconian lockdown measures were imposed in late March.
The economy then grew by 1.8 per cent in May and is expected to have grown by 8 per cent in June.
However, economists are watching this figure to measure the speed of the UK’s recovery from the virus.