The United Kingdom has officially entered into its largest recession on record, according to the Office of National Statistics (ONS), on Wednesday.
This is also said to be the country’s first recession in 11 years after it suffered the deepest economic slump in the whole of Europe.
The ONS figures showed that the COVID-19 Pandemic had caused the country’s Gross Domestic Product (GDP) to have dipped by 20.4 per cent between April and June 2020.
The BBC reported that household spending plunged during this period as shops were ordered to close, while factory and construction output also fell.
The deputy national statistician at the ONS, Jonathan Athow stated, “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 house-building continuing to recover.
“Despite this, GDP in June still remains a sixth below its level in February, before the virus struck.
“Overall, productivity saw its largest-ever fall in the second quarter. Hospitality was worst hit, with productivity in that industry falling by three-quarters in recent months.”