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
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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.

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