UK officially enters recession, confirms Office of National Statistics

The UK has officially entered recession, the Office for National Statistics has confirmed.

The Office for National Statistics (ONS) reported that the lack of activity through the COVID-19 lockdown meant the GDP slumped by 20.4% in the second quarter of the year following a dip of 2.2% in the first three months of 2020.

It has been described as the “largest recession on record”.

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The UK has entered recession after the Office for National Statistics estimated GDP fell by 20.4% in the second quarter of 2020 after it dropped by 2.2% in the first quarter

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— Sky News Breaking (@SkyNewsBreak) August 12, 2020

The graph tweeted by the ONS is quite something…

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Our latest GDP estimates for June show that the UK economy is now 17.2% smaller than it was in February before the full impacts of the #coronavirus #COVID19 pandemic hit https://t.co/8FmcVvX6lz pic.twitter.com/Qgh12prPtt

— Office for National Statistics (ONS) (@ONS) August 12, 2020

Tweeting about the news, they said: “our latest GDP estimates for June show that the UK economy is now 17.2% smaller than it was in February before the full impacts of the #coronavirus #COVID19 pandemic hit.

This is a breaking news story. More to follow.