UK’s Record Growth in the Third Quarter

UK’s Record Growth in the Third Quarter UK’s record growth in the third quarter. On the other hand, economists expectations were that growth would be stronger. While the UK economy shrank 9.6 percent on an annual basis in the third quarter of 2020, it grew by 15.5 percent compared to the second quarter, remaining below economist expectations. The median expectation of the 32 economists surveyed by Bloomberg was that the UK economy would grow 15.8 percent on a quarterly basis and shrank 9.4 percent on an annual basis. While the UK shrank 2.5 percent in the first quarter when the coronavirus epidemic showed itself, it shrank by 19.8 percent in the second quarter, when the impact of the epidemic was felt most. The UK economy, which performed well in the third quarter when quarantine measures were lifted, also raised concerns about recovery due to the resumption of quarantine. In early November, England started quarantine measures again, with the “Stay home. Protect National Health Service. Save lives.” call. Industrial production in the UK increased by 0.5 percent in September compared to the previous month, and fell 6.3 percent compared to the relevant month of 2019. Data on imports and exports realized by the country were announced well below expectations. Exports are expected to increase 10.4 percent compared to the second quarter, while exports increased only 5.1 percent. While imports increased by 13.2 percent in the same period, expectations were that this increase would be 19 percent.