The U.K. Sees Limited Rebound After Deep Economic Contraction
July 13, 2020
The coronavirus has hit the United Kingdom’s economy particularly hard. The nation’s total economic output, GDP, was fell more than 20% in May, following a 6% contraction in April. Those hoping for a swift rebound will have to keep waiting unfortunately, as the economy grew by just 1.8% in May.
Between February and May, the U.K. economy contracted by 24.5%.
Some economists were quick to note that the national lockdown did not lift in any significant way until June, and that June and July are expected to see a stronger bounce in output.