UK economy bounces back from recession as its record growth of 15.5% in last quarter
- On November 19, 2020
- By GrowthInvest Marketing
According to the Office for National Statistics (ONS), the UK economy has bounced back from recession with record growth of 15.5% in July to September.
The UK economy has seen a growth of almost a fifth during the third quarter of the year, as the end of lockdown restrictions and the government’s Eat Out to Help Out scheme came into effect.
This is the largest quarterly expansion on record.
The increase marks the first economic uplift after two consecutive quarterly falls, as government restrictions put in place to try and curb the number of coronavirus cases dramatically reduced economic activity. The return to growth comes after a six-month slump induced by the first coronavirus lockdown. However, the expansion was not enough to reverse the damage caused by the pandemic.
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