UK economy officially in recession after 20.4% Q2 slump
LONDON (AP) — The U.K. economy has officially fallen into a recession after official figures showed it contracting by a record 20.4% in the second quarter as a result of lockdown measures put in place to counter the coronavirus pandemic. The slump recorded by the Office for National Statistics follows a 2.2% quarterly contraction in the first three months of the year. As such, the U.K. economy is in a recession — commonly defined as two quarters of negative growth. The statistics agency provided some hope that the economy is healing as lockdown restrictions are eased. In June when shops selling non-essential goods were allowed to reopen, the British economy grew by a monthly rate of 8.7%.