Tashkent, Uzbekistan (UzDaily.com) -- According to the National Statistical Office of Great Britain, due to the economic shocks caused by the pandemic, the British economy plunged into a technical recession for the first time in 11 years.

So, the country’s GDP in the II quarter of this year. decreased by 20.4%. Decrease in the first quarter of this year was 2.2%. According to economists, such negative trends over the past six months suggest a "technical recession".

France’s GDP over the same period decreased by 13.8% compared to the first quarter, the USA - by 9.5%, Germany - by 10.1%, Italy - by 12.4%, Canada - by 12%, Japan - by 7.6%.

According to experts, the British economy is experiencing the most significant decline among other leading economies in the world, due to the following factors.

1) The service sector accounts for 80% of the country’s GDP. As a result, a record drop was recorded in three main sectors.

- services, production and construction. Household and business spending decreased by 25%.

2) Although economists predict GDP growth by 15.5% in the third quarter, they are still seriously concerned about the state of the UK economy due to the situation on the labor market. From March to July 2020, the number of employed Britons decreased by more than 700 thousand. Experts predict that by the end of this year. the unemployment rate will reach 7.5%, as companies will accelerate the pace of layoffs, since in October this year. the state employment support program is about to expire, on which the authorities have already spent about 34 billion pounds. The current unemployment rate is around 4%.

In general, the latest data suggests that the slow approach of the UK government to the introduction of restrictive measures has caused serious damage to the economy. Analysts emphasize that the threat of a second wave of infection and the uncertainty in the Brexit negotiations are also of particular concern, which requires maximum flexibility on the part of the government on both of these issues for economic recovery in the future.