UK GDP Growth : Present & Future Prediction

The UK economy contracted by 20.4% in the second quarter of 2020, compared to the previous three months, as coronavirus-induced lockdowns hammered activity.

GDP expanded by 8.7% in June as government lockdown measures eased, having shown a meek 1.8% recovery in May following April’s 20.4% contraction.

Services, construction, and production all saw record quarterly falls, particularly in the sectors most exposed to government restrictions, according to the Office for National Statistics.
UK’s quarterly contraction is by far the deepest among comparable advanced economies. French GDP contracted by 13.8%, Italy 12.4%, Germany 10.1%, Canada 12%, the U.S. 9.5% and Japan 7.6%.

Economists expect a sharp rebound in the third quarter as the burden of lockdowns diminishes, providing the U.K. can avoid a second wave, and the 8.7% bounce in June has reaffirmed this base case. The Bank of England has forecast an 18% third-quarter jump.

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