Collapse: UK GDP Plunges To 2003 Levels

RSS Feed

Collapse: UK GDP Plunges To 2003 Levels

August 13th, 2020

Awake Goy

To give perspective to the Great Panic of 2020, economic contraction is 2020 is six times faster and four times deeper than the contraction in GDP through 2008/09. This is happening globally and is still falling. Many comparisons are already being made to the Great Depression of the 1930s. ⁃ TN Editor

The British economy shrank by a record 20.4% in the second quarter when the coronavirus lockdown was tightest, the most severe contraction reported by any major economy so far, with a wave of job losses set to hit later in 2020, according to Reuters. The (sequential) Q2 GDP slump exceeded the 12.1% drop in the euro zone and the 9.5% fall in the United States.