The British economy was hit harder than most global economies by coronavirus. (Of course, this is also the fault of the government and the political unrest that exists).
However, in the third quarter, the GDP growth rate was high at 16%, higher than expected, which was estimated to be at most 15.5%.
But also at the same time it is still smaller than the recession of the second quarter which was 18.8%.
Today's data showed that the economy is 8.6% lower than it was at the end of 2019, compared to an initial estimate of 9.7%.
Consumer spending rose almost 20% in the 3rd quarter as households who were on a heavy lockdown in the 2nd quarter ran out of stock but had more savings.
Public debt amounted to £2.1 trillion which is the highest percentage since 1992!
Britain was already in a difficult position with the Brexit talks at a stalemate. The covid wave hit the economy harder than expected and the new “mutation” of it makes the economy even more unstable.
One of the largest economies in the world is officially in a downfall and the end of it is not visible in the horizon. The sure thing is that as long as the pandemic is not in control and a Brexit agreement is not signed soon, this downfall might continue.
Source,
https://www.capital.gr/diethni/3504309/bretania-anakampsi-16-sto-g-trimino-gia-tin-oikonomia
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Let's see the first quarter in 2021. That would be interesting as it will be very chaotic. I bet in here on two digit drop compared to last year.
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I believe it not only for Britain but for the whole planet
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Sadly yes, I have to agree with you. First quarter will be a very tough one for the whole planet.
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With the possible exception of China.
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yes very likely
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