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    UK Court awards £20m Damages in favour of Nigeria against P&ID

    FG, States, LGs share ₦2.00 Trillion for month of July 2025

    SEC warns against investing with GVEST Global’s illegal schemes

    SEC warns against investing with GVEST Global’s illegal schemes

    Only 23% of Nigerians trust INEC- Report says

    APGA candidates win Anambra by-elections

    US deficit grows to US$291 billion in July – Reports

    US deficit grows to US$291 billion in July – Reports

    Onitsha River Port receives first container barge for 2025 season

    Onitsha River Port receives first container barge for 2025 season

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    President Buhari commissions the new US$100m Ultra-modern MMIA Terminal

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    Conoil Plc reports 88.8% drop in profit to N900 million in H1 2025

    Brent crude oil price rise above $70 on OPEC projections

    OPEC+ agrees to increase oil production for September

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    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
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    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

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    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

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    • Economic Data
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    • Companies
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    Shareholder’s resolutions at Guaranty Trust Bank’s Annual General Meeting

    GTBank gets ₦365.85 billion capital injection, meets new minimum capital requirement

    NNPC and Partners to build first methanol plant in Nigeria

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    Wema Bank Plc surpasses recapitalisation target

    Augusto & Co. upgrades Globus Bank Limited’s rating to A and A1

    Augusto & Co. upgrades Globus Bank Limited’s rating to A and A1

    MTN Nigeria to pay over N200 billion final dividend for 2022

    List of Dividends announced in 2025, qualification and payment dates

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    Beta Glass Plc Shareholders to be presented with a N1.04 dividend for 2020

    STANBIC IBTC ETF 30 announces ₦3.144 interim Dividend

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    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Again DMO offers N360 billion FGN bond for February

    DMO offers N300 billion FGN bond for auction in May

    NGX Daily Equities Market Report: Market gains for third consecutive days

    CSCS Plc explores listing on the Nigerian Exchange (NGX)

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UK economy plunges into deepest recession on record

Wednesday, 12 August 2020, 12:49 pm
in News, World
0
UK Economy Shrinks by Record 20.4% in April
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UK has been deeply affected by the lockdown, imposed in an effort to curtail the spread of Covid-19 in the country. UK had initiated lockdown measures later than other countries, and relaxed the lockdown rules at lower pace.

The Office for National Statistics (ONS) said gross domestic product (GDP), fell in the second quarter by 20.4% compared with the previous three months. This is the biggest quarterly decline since comparable records began in 1955.

The steep plunge in the second quarter followed a 2.2% decline recorded in the first quarter, the figures confirm the UK economy has plunged into recession, for the first time in 11 years.

Economists consider two consecutive quarters of shrinking GDP as the technical definition of a recession.

ONS said the pandemic had erased 17 years of economic growth in only two quarters with the level of GDP taken back to the equivalent position in June 2003.

The number of workers on company payrolls fell by 730,000 between March and July, largely due to cutbacks by employers hit hard by the Covid-19 pandemic.

There were also drops in pay with levels including bonuses down 1.2% and regular pay down 0.2%, the first negative reading since records began in 2001.

Have you read?

  • U.S GDP plunge by a record 33% in second quarter of 2020
  • Gold price continues to fall as investors shift attention to risk assets

Rishi Sunak, the chancellor, said: “I’ve said before that hard times were ahead and today’s figures confirm that hard times are here. Hundreds of thousands of people have already lost their jobs and, sadly, in the coming months many more will. But while there are difficult choices to be made ahead, we will get through this and I can assure people that nobody will be left without hope or opportunity.”

According to ONS, the decline in the second quarter that brought about the deepest recession since records began was widespread, with a dramatic plunge in output across the services, production and construction industries.

Key changes

  • The services sector, which includes hotels, restaurants and finance recorded a 19.9% decline on the quarter,
  • Construction sector declined by 35%.
  • The production industries, which include manufacturing, mining and energy provision fell by 16.9%.

Spending in the economy by households and businesses plunged by a quarter as lockdown measures forced people to stay at home, shops closed, building sites fell idle and factories paused production.

However, monthly figures show that Britain’s economy continued to recover from the pandemic in June, due to gradual easing of the lockdown measures, and improved demand fuelled a rise in consumer spending. GDP grew by 8.7% in June compared with the previous month.

Jonathan Athow, the deputy statistician for economic statistics at the ONS, said: “The recession brought on by the coronavirus pandemic has led to the biggest fall in quarterly GDP on record.

“The economy began to bounce back in June, with shops reopening, factories beginning to ramp up production and housebuilding continuing to recover. Despite this, GDP in June still remains a sixth below its level in February, before the virus struck.”

Written by

Ifunanya Ikueze

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