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In Domestic Affairs

Revised quarterly GDP shows deeper recession than it was assumed

30th June 2020 Chris Kimble

Revised quarterly GDP shows deeper recession than it was assumed Pin It

The UK economy shrank even more sharply in the first quarter than was initially reported. In a final measurement, the UK National Statistical Office is now noticing a shrinkage of 2.2 percent from the previous quarter.

In a previous estimate in May, the statistics agency indicated that the British gross domestic product had shrunk by 2 percent. Due to the restrictive measures introduced in March due to the new coronavirus, much of the economy has come to a standstill, as in other countries. On an annual basis, there was 1.7 percent economic contraction, compared to the previously reported 1.6 percent contraction.

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