UK economy shrank sharply in April as stocks fall on fears of second Covid-19 wave – business live
UK GDP fell 20.4% in April, the biggest decline on record
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.
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.