Sunday, April 14

Day: November 12, 2020

UK bounces back from recession
Featured, United Kingdom

UK bounces back from recession

    The UK economy grew by 15.5% between July and September, the Office for National Statistics (ONS) said on Thursday, showing a partial recovery before the second wave of COVID-19 hit. The ONS said on Thursday its initial estimate of GDP growth in the third quarter was 15.5%. Economists had expected third quarter GDP to grow by 15.8%. An initial estimate of third quarter GDP showed the UK made progress in reversing the historic economic slump caused by COVID-19 before the second wave struck. The UK economy shrank by a fifth in the second quarter of 2020. A strict lockdown in place for most of the period led to collapsing economic activity across the country. Restrictions were largely lifted by the end of the second quarter and the government encouraged people back t...