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Last Week’s Highlights
UK Economy Contracts the Most Since 1955
The latest statistics from the United Kingdom showed that the gross domestic product fell at the fastest pace since 1955 in the second quarter of this year.
Data from the UK’s Office for National Statistics showed that GDP shrunk 20.4% on a sequential basis. This comes following a 2.2% decline in the first quarter. On a year over year basis, the UK’s GDP is down by 21.7%.
Eurozone Economy Contracts Sharply in Q2
The eurozone economy contracted at a record pace during the three months ending June 2020 and did not deviate from the initial estimates.
The economic bloc’s GDP fell 12.1% on a sequential basis during the second quarter. This comes on top of the 3.1% contraction the region saw in the first three months of the year.
The pace of declines in the GDP was the biggest since 1995. On a yearly basis, the eurozone GDP fell 15%, compared to a 3.1% decline on the year at the end of the first quarter.
RBNZ Keeps Rates Steady ...
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