The UK economy contracted at the fastest pace on record in the second quarter amid the coronavirus pandemic, despite signs of recovery taking hold in June after the relaxation of restrictions on movement.
Gross domestic product contracted by 20.4 percent sequentially in the second quarter, following a 2.2 percent drop in the first quarter, the Office for National Statistics reported Wednesday.
With the second consecutive fall, the economy has entered a technical recession. The latest fall was the biggest contraction since the records began in 1955. Economists had forecast a quarterly fall of 20.5 percent.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.