Bermuda*

Statistic of the month

Between the first and second quarter of 2020, GDP fell by 11.9% in the European Union (EU). But in the UK it fell by 20.4%.  We anticipate recovery across the EU (except Spain) during Q3 of 2020. In the UK (which has already left the EU) any recovery will only be short-lived – due to trade losses and barriers when the UK severs formal ties with its biggest market at the end of December 2020.