Coronavirus: United Kingdom, facing worst recession on record, sees GDP drop 20.4% in Q2

The UK has seen its economy, hit by the coronavirus crisis, suffer a "record" contraction of 20.4% in the second quarter, and is officially facing its worst recession on record, agency figures show National Statistics (ONS), published Wednesday 12 August. 
Economists consider that a country enters a technical recession when it accumulates two consecutive quarters of contraction in its economy. According to the ONS, most of the contraction, which began to be felt in March, occurred in April, an entire month of containment and almost total cessation of activity in the country, which saw production collapsed by 20%.

With a very early recovery in construction sites and manufacturing activity, gross domestic product (GDP) rebounded in May by 2.4% (revised figure), followed by an acceleration in June (+8.7 %) thanks in particular to the reopening of all shops. This is the biggest contraction in the UK economy since the ONS began these quarterly statistics in 1955, he said…

Oil, gas ... BP expects a "lasting impact" from the crisis, colossal depreciation

The British oil giant BP (British Petroleum) will pass a depreciation from 13 to 17.5 billion dollars in its accounts for the second quarter.
 
Oil, gas ... BP expects a "lasting impact" from the crisis, colossal depreciation

While the coronavirus crisis promises to be long, the impact on oil and gas prices promises to be significant and lasting, warns BP (British Petroleum). Because of the impact deemed "lasting" of the economic fallout from the pandemic, the British oil giant will pass a charge for depreciation of assets from 13 to 17.5 billion dollars after tax in the second quarter. He expects "a lasting impact from Covid-19 and given that the energy transition could be accelerated while countries work towards recovery", he "reviewed and reduced (his) price forecasts for oil and gas ".




In a disaster oil sector, the British oil giant BP said Monday, June 8, that it would cut 10,000 jobs worldwide - especially in the administrative function - or almost one job in 7, to gain efficiency. BP will reduce the number of senior executives by a third, to 400 to date. "These are difficult decisions to make," said general manager Bernard Looney in an email to employees. "But we have to do what's good for BP" and "it will help us to be more efficient," he added.