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…

Algeria: a first quarter sealed by the Covid-19

According to the conjuncture note published on Wednesday July 7 by the Algerian National Insurance Council (CNA), the insurance market underperformed over the same period. Thus, the national insurance market, all activities combined, totaled, on 03/31/2020, a production amounting to 40.6 billion DA (279 million euros) against 42.7 billion DA (293 million in the same period of the previous year, a decrease of 4.9%.

Algeria: a first quarter sealed by the Covid-19

The insurance market claims declared amounted to nearly 16 billion DA (110 million euros), down 14.6% compared to the first quarter of 2019 (Q1-2019).

Market regulations mark a significant decline of 45.3%, from 22.2 billion DA (152 million euros), at the end of March 2019, to 12.1 billion DA (83 million euros) at 03/31/2020.

In parallel, the stocks register an increase of 7.9%, passing from 77.9 billion DA (535 million euros) in Q1-2019, to 84 billion DA (577 million euros) in the same period of the current year. The report also indicates that the insurance market settlement rate for the first quarter of 2020 is estimated at 12.6%, down 45.5% compared to Q1-2019.

This poor performance is due to the drop observed in the two property and casualty insurance businesses with respective regression rates of 46.1% and 31.4% .In addition, international acceptances recorded, as of 03/31 / 2020, a positive development of 11.3% compared to Q1-2019, going from 855.4 million DA (5.8 million euros) to almost 952 million DA (6.5 million euros).