British economy shrinks 0.7% in second quarter

The Office for National Statistics said in a statement that the economy contracted by 5.5% in the second quarter on a year-on-year basis, which was the biggest drop since records began in 1955.

The latest readings were slightly better than initial estimates given last month for a quarterly drop of 0.8% and an annual decline of 5.6%.

Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!