U.K. Economy Shrinks by More Than Any Other Rich Country
By Jason Douglas
LONDON -- The U.K. recorded a steeper second-quarter contraction
than any other rich country, a performance that means it suffered
the worst economic hit from coronavirus in Europe as well as
reporting the highest death toll.
The U.K. economy shrank 20.4% in the second quarter, equivalent
to an annualized rate of 59.8%, the country's statistics agency
said Wednesday. Over the same period, the U.S. and Germany lost
around 10% of their output, with Italy losing 12%, France 14% and
The economy is already recovering as restrictions on daily life
ease and workers trickle back to factories and offices, recent data
show, but Bank of England officials warn that it could take until
the end of 2021 to regain the ground lost during the pandemic.
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(END) Dow Jones Newswires
August 12, 2020 02:41 ET (06:41 GMT)
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