UK economy plunged 19.8 per cent between April and June

0
7
UK economy plunged 19.8 per cent between April and June

The record decline in the UK economy in the second quarter was less severe than initially thought. According to the Office for National Statistics, the gross domestic product fell by 19.8% between April and June.

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

Previously, GDP was estimated to decrease by 2.2% in the first quarter and by 20.4% in the following three months.

Despite the revisions, the UK economy still fell into its biggest recession since current records began after two consecutive quarters of falling GDP due to the coronavirus crisis.

In other figures, house prices rose 5% annually in September, which, according to an index, represents the highest growth rate in four years.

The Nationwide Building Society said the annual growth rate was the strongest since September 2016.

Prices were up 0.9% month on month, bringing the average UK property value to £ 226,129.

.

LEAVE A REPLY

Please enter your comment!
Please enter your name here