UK economy shrank sharply in April as stocks fall on fears of second Covid-19 wave – business live

Posted by on June 12, 2020 2:26 am
Categories: Global Stories

UK GDP fell 20.4% in April, the biggest decline on record

7.26am BST

The UK economy shrank by an unprecedented 10.4% in the three months to April, the ONS’s rolling three-month estimate showed.

April’s decline reflected widespread falls in services, production and construction output, the ONS said.

7.17am BST

The UK’s deputy national statistician for economic statistics Jonathan Athow said:

April’s fall in GDP is the biggest the UK has ever seen, more than three times larger than last month and almost ten times larger than the steepest pre-COVID-19 fall. In April the economy was around 25% smaller than in February.

Virtually all areas of the economy were hit, with pubs, education, health and car sales all giving the biggest contributions to this historic fall.

Continue reading…

Leave a Reply

Your email address will not be published. Required fields are marked *