Connect with us

Hi, what are you looking for?

Capital Business
Capital Business


UK economy rebounds 15.5% in third quarter

LondresUnited Kingdom, Nov 12 – Britain’s economy rebounded by 15.5 percent in the third quarter, emerging from a historic recession as initial coronavirus lockdown measures were relaxed, official data showed on Thursday.

“UK gross domestic product (GDP) is estimated to have grown by a record 15.5 percent in July to September… as lockdown measures were eased,” the Office for National Statistics said in a statement.

The economy, however, was still 9.7 percent smaller than before this year’s coronavirus-induced recession after a massive contraction in the second quarter.

Output in services, the production and construction sectors increased by record amounts in the third quarter, but the ONS cautioned that they were still below their pre-pandemic levels seen late last year.

The nation entered a painful recession after shrinking by a record 19.8 percent in the second quarter after 2.5 percent in the first, the ONS confirmed.

The technical definition of a recession is two quarterly contractions in a row.

The GDP numbers do not yet reflect the impact of England’s second round of stay-at-home lockdown restrictions that were imposed last week to curb soaring infection and death rates.

The data was published one day after Britain passed the grim milestone of 50,000 people who have died from the pandemic. It has so far suffered the highest death toll in Europe.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...