UPDATE: UK Falls Into Recession For The First Time
Daily Metro News NG
The United Kingdom has fallen into recession for the first time since 2009, The Daily Metro News NG can gather.
The UK economy shrank 20.4% compared with the first quarter of the year, according to BBC reports.
Household spending plunged as shops were ordered to close, while factory and construction output has also fallen.
This pushed the UK into its first technical recession, defined as two straight quarters of economic decline in about 11 years.
The UK Office for National Statistics (ONS) said the economy bounced back in June as government restrictions on movement started to ease.
“Despite this, Gross Domestic Product (GDP) in June still remains a sixth below its level in February, before the virus struck,” Jonathan Athow, Deputy National Statistician for economic statistics, said.