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CLAIM ID

08b30336

The UK was the highest hit among G7 economies between April to June.

GDP fell most dramatically, by (minus) 20.4%, in the United Kingdom from (minus) 2.2 in the first quarter.

Following the introduction of COVID-19 containment measures across the world since March 2020, real gross domestic product (GDP) in the OECD area showed an unprecedented fall, by (minus) 9.8%, in the second quarter of 2020, according to provisional estimates. It is the largest drop ever recorded for the OECD area significantly highest than the 2009 financial crisis.

Year-on-year GDP growth for the OECD area was minus 10.9% in the second quarter of 2020, following growth of minus 0.9% in the previous quarter. The United Kingdom recorded the sharpest annual fall (minus 21.7%). Spain is the next worst hit, with a decline of 18.5%.

In its last assessment, the OECD found that the UK's largely a service-based economy meant that the government's lockdown restrictions had particularly badly hit it. The services sector, including financial services, hospitality, and tourism, makes up about three-quarters of the UK's GDP.

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