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Coronavirus (COVID-19) roundup: 30 September 2020

ONS have published the latest figures on gross domestic product (GDP) for April to June 2020, as well as international comparisons of GDP and quarterly sector accounts and balance of payments.

The main points include:

  • UK gross domestic product (GDP) is estimated to have contracted by 19.8% in Quarter 2 (Apr to June) 2020, revised from the initial estimate of a 20.4% fall

  • This is the largest quarterly contraction in the UK economy since quarterly records began in 1955 and marks the second consecutive quarterly decline after a fall of a revised 2.5% in the previous quarter

  • The households saving ratio increased to a record 29.1% in the latest quarter, compared with 9.6% in the previous quarter, as households reduced their consumption spending by a record £80.5 billion (negative 24.2%). This is the largest quarterly fall in household spending recorded

  • General government net borrowing position increased to a record 22.6% of GDP in the latest quarter from 4.6% in Quarter 1 as the government’s economic policy response to the coronavirus pandemic increased its support for businesses and individuals

  • In Quarter 2 2020, total trade exports (£140.1 billion) decreased to their lowest levels since Quarter 2 2016, and imports (£123.2 billion) decreased to their lowest level since Quarter 3 2010, as governments introduced restrictions to combat the pandemic

Read the ONS roundup