The U.K. economy is in a technical recession following a second quarter of negative growth and the biggest fall in quarterly gross domestic product on record.
Money managers, however, are still positive on the outlook for the country.
U.K. GDP fell 20.4% in the three months ended June 30, with sectors taking hits from the coronavirus pandemic. The drop followed a 2.2% contraction in the first quarter, the Office for National Statistics said Wednesday.
Throughout the recession related to the global financial crisis, GDP shrunk by no more than 2.1% in a single quarter, the ONS said.
Monthly GDP grew by 8.7% in June, up from 2.4% growth in May and a 20% fall in April — another record. But the ONS said June's growth is below February levels of 17.2%. The U.K. went into lockdown in March.