Britain, August 12: The coronavirus induced lockdown has caused the UK economy to suffer its biggest slump by a record 20.4 percent in the second quarter. The country has slipped into recession officially for the first time in 11 years.  According to a report on the Guardian, Britain has suffered one of the steepest slumps, compared to other advanced economies.

The reason being, the country imposed lockdown measures for longer than other countries. Household spending plunged as shops were ordered to close, while factory and construction output also fell. This pushed the country into its first technical recession - defined as two straight quarters of economic decline - since 2009. The hospitality sector was the worst hit. Spain Slips into Recession as GDP Tumbles 18.5% in Q2, Italy, France Economies Battered as GDPs Shrink Amid COVID-19 Pandemic.

UK Economy Slips into Recession:

The Office for National Statistics (ONS) said the economy bounced back in June as the restrictions imposed to curb the spread of coronavirus started to ease. Last month, Singapore’s economy entered a technical recession after shrinking by 41.2 percent in the second quarter compared to the previous quarter amid the coronavirus outbreak which brought the economy to a grinding halt. Similarly, Spain, Italy and France economies have also battered badly due to the COVID-19 pandemic, as the lockdown closed several factories and shop.

(The above story first appeared on LatestLY on Aug 12, 2020 12:36 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).