9/30/2020, 8:03 AM (Source: TeleTrader)
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UK Q2 GDP down by 21.5% YoY

The United Kingdom's gross domestic product (GDP) declined by 21.5% in the second quarter in comparison to the same period last year, slightly less than expected, the Office for National Statistics (ONS) revealed in its report released on Wednesday.

The figures also showed an estimated drop of 19.8% compared to the previous trimester, which marks the largest quarterly contraction in the British economy since taking record began in 1955, as well as the second consecutive decrease quarter-on-quarter.

A decline of 19.2% was reported in the services sector. Meanwhile, the production fell by 16.3%, and the construction business contracted 35.7%.

Breaking the News / JR