FOREX TradingCharts.com

Financial News: UK Economy Enters Deep Recession In Q2

UK Economy Enters Deep Recession In Q2

08/12/2020 - 02:31:00 (RTTNews)

(RTTNews) - The UK economy contracted for the second straight time in the second quarter amid the coronavirus pandemic although there was some pick up in June after government relaxed restrictions on movement, data from the Office for National Statistics showed Wednesday.

Gross domestic product contracted by 20.4 percent sequentially in the second quarter, following a 2.2 percent drop in the first quarter. Economists had forecast a quarterly fall of 20.5 percent.

The latest fall was the biggest contraction since the records began in 1955.

On a yearly basis, GDP plunged 21.7 percent in the second quarter but smaller than the economists' forecast of 22.4 percent.

In June, GDP growth accelerated to 8.7 percent from 2.4 percent in May.

There have been record quarterly falls in services, production and construction output in the second quarter. Services output decreased 19.9 percent and production output fell 16.9 percent. Construction output contracted more sharply by 35.0 percent.

Private consumption accounted for more than 70 percent of the fall in the expenditure measure of GDP in the second quarter, falling by a record 23.1 percent.

Gross fixed capital formation declined 25.5 percent and business investment was down 31.4 percent. Meanwhile, government consumption advanced 14.1 percent.

The UK posted a trade surplus of 4.0 percent of GDP in the second quarter, data showed.

In June, the visible trade deficit widened to GBP 5.12 billion from GBP 1.76 billion in May. Exports and imports climbed 6.9 percent and 18.8 percent, respectively.

Consequently, the total trade surplus declined to GBP 5.34 billion from GBP 7.66 billion a month ago.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Finland Jobless Rate Rises In August (49 min(s), 38 sec(s) ago)
(RTTNews) - Finland's jobless rate rose in August, figures from Statistics Finland showed on T ...Full Story»

Dutch Consumer Confidence Improves Slightly In September (01 hr(s), 30 min(s), 38 sec(s) ago)
(RTTNews) - Dutch consumer confidence improved slightly in September, but remained negative, data ...Full Story»

European Economics Preview: Sweden Central Bank Rate Decision Due (03 hr(s), 43 min(s), 38 sec(s) ago)
(RTTNews) - The interest rate announcement from Sweden's central bank is due on Tuesday, headl ...Full Story»

Thai Trade Data Due On Tuesday (18 min(s), 22 sec(s) ago)
(RTTNews) - Thailand will on Tuesday release August figures for imports, exports and trade balance ...Full Story»

South Korea Producer Prices Climb 0.5% In August (12 min(s), 22 sec(s) ago)
(RTTNews) - Producer prices in South Korea were up 0.5 percent on month in August, the Bank of Kor ...Full Story»

Luxembourg Jobless Rate Falls Further (01 min(s), 22 sec(s) ago)
(RTTNews) - Luxembourg's unemployment rate fell for a second straight month in August to its l ...Full Story»

UK Household Finances Continue To Deteriorate In September (17 min(s), 22 sec(s) ago)
(RTTNews) - UK households' perception about the financial well-being showed another sharp fall ...Full Story»

Belgium Consumer Confidence Rebound Strongly To 7-month High (56 min(s), 22 sec(s) ago)
(RTTNews) - Belgium's consumer confidence rebounded strongly in September to its highest level ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Finland Jobless Rate Rises In August

09/22/2020 - 02:56 AM (RTTNews)
(RTTNews) - Finland's jobless rate rose in August, figures from Statistics Finland showed on T ...Full Story>>

Dutch Consumer Confidence Improves Slightly In September

09/22/2020 - 02:15 AM (RTTNews)
(RTTNews) - Dutch consumer confidence improved slightly in September, but remained negative, data ...Full Story>>

European Economics Preview: Sweden Central Bank Rate Decision Due

09/22/2020 - 00:02 AM (RTTNews)
(RTTNews) - The interest rate announcement from Sweden's central bank is due on Tuesday, headl ...Full Story>>

Thai Trade Data Due On Tuesday

09/21/2020 - 18:04 PM (RTTNews)
(RTTNews) - Thailand will on Tuesday release August figures for imports, exports and trade balance ...Full Story>>

South Korea Producer Prices Climb 0.5% In August

09/21/2020 - 17:58 PM (RTTNews)
(RTTNews) - Producer prices in South Korea were up 0.5 percent on month in August, the Bank of Kor ...Full Story>>

Do not sell my personal information

Copyright © 2020. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.