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Seven Days: 14 August 2020

Seven Days: 14 August 2020

Gloomy economic data

Technical recession

The UK’s gross domestic product (GDP) is estimated to have fallen by a record 20.4 per cent in the second quarter of 2020, meaning that we are now in a technical recession – entailing two consecutive quarters of contraction. Monthly GDP rose by 8.7 per cent in June, but was still 17.2 per cent below February levels. Separate data from the Office for National Statistics (ONS) showed that the UK lost roughly three-quarter of a million jobs between March and July. The fall across May, June and July was the steepest quarterly drop since the same period in 2009. 

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