{"id":72387,"date":"2020-12-15T12:27:31","date_gmt":"2020-12-15T12:27:31","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72387"},"modified":"2020-12-15T12:27:33","modified_gmt":"2020-12-15T12:27:33","slug":"uk-economy-posted-largest-annual-slump-of-g20-nations-oecd","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/uk-economy-posted-largest-annual-slump-of-g20-nations-oecd\/","title":{"rendered":"UK economy posted largest annual slump of G20 nations \u2013 OECD"},"content":{"rendered":"\n<p>The Paris-based organisation said the UK economy was 9.6% smaller at the end of the third quarter in 2020 than at the same point last year.<\/p>\n\n\n\n<p>The UK\u2019s economy has shown the largest annual slump of all the G20 nations, despite rebounding to growth in the third quarter, according to the Organisation for Economic Co-operation and Development (OECD).<\/p>\n\n\n\n<p>UK gross domestic product (GDP) jumped by 15.5% in the three months to the end of September, economists confirmed last month.<\/p>\n\n\n\n<p>It highlighted a rebound as shops and hospitality venues reopened following the first national lockdown, which had driven a 19.8% slump in the second quarter.<\/p>\n\n\n\n<p>However, the Paris-based OECD said the UK economy was 9.6% smaller at the end of the third quarter in 2020 than at the same point last year.<\/p>\n\n\n\n<p>The OECD said this represented the \u201clargest fall\u201d over the period among the G20 nations.<\/p>\n\n\n\n<p><em>To find out more about how we can assist you with your Second Charge Mortgage please <a rel=\"noreferrer noopener\" href=\"https:\/\/secondchargemortgageuk.com\/contact-us\/\" target=\"_blank\">click here<\/a><\/em><\/p>\n\n\n\n<p>It said GDP across the G20 area as a whole \u201cremained significantly below the levels of the same quarter a year earlier\u201d, with an average 2% slump across the countries.<\/p>\n\n\n\n<p>Only Turkey and China saw growth in GDP compared with the same period in 2019 despite the impact of the pandemic, reporting 5.4% and 4.9% growth respectively.<\/p>\n\n\n\n<p>In the third quarter, the G20 area reported a total rebound of 8.1% as restrictions were lifted globally.<\/p>\n\n\n\n<p>Among the 20 countries, India reported the sharpest quarterly rebound, as its economy jumped by 21.9% following a 25.2% fall in the previous quarter.<\/p>\n\n\n\n<p>Earlier this month, the OECD forecast that the UK\u2019s economic recovery from the coronavirus pandemic will lag behind every other major economy apart from Argentina.<\/p>\n\n\n\n<p>Source: <a rel=\"noreferrer noopener\" href=\"https:\/\/www.expressandstar.com\/news\/uk-news\/2020\/12\/14\/uk-economy-posted-largest-annual-slump-of-g20-nations-oecd\/\" target=\"_blank\">Express &amp; Star<\/a><\/p>\n\n\n\n<p><em>Discover our <a rel=\"noreferrer noopener\" href=\"https:\/\/secondchargemortgageuk.com\/\" target=\"_blank\">Mortgage Broker<\/a> services.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Paris-based organisation said the UK economy was 9.6% smaller at the end of the third quarter in 2020 than at the same point last year. The UK\u2019s economy has shown the largest annual slump of all the G20 nations, despite rebounding to growth in the third quarter, according to the Organisation for Economic Co-operation [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":72308,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[1978],"tags":[2090,2075],"yst_prominent_words":[1252,1616,207,233,1255,111],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v14.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UK economy posted largest annual slump of G20 nations \u2013 OECD<\/title>\n<meta name=\"description\" content=\"The Paris-based organisation said the UK economy was 9.6% smaller at the end of the third quarter in 2020 than at the same point last year.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, 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