Home Business News UK GDP shrinks by 2% in first quarter of 2020 as coronavirus bites

UK GDP shrinks by 2% in first quarter of 2020 as coronavirus bites

by LLB Reporter
13th May 20 12:25 pm

The ONS reported on Wednesday that the UK’s GDP fell by 2% in the first three months of 2020 as the coronavirus pandemic hit global economies at an unprecedented scale.

Commenting on today’s GDP figures, Jonathan Athow, Deputy National Statistician for Economic Statistics, said: “With the arrival of the pandemic nearly every aspect of the economy was hit in March, dragging growth to a record monthly fall.

“Services and construction saw record declines on the month with education, car sales and restaurants all falling substantially.

“Although very few industries saw growth, there were some that did including IT support and the manufacture of pharmaceuticals, soaps and cleaning products.

“The pandemic also hit trade globally, with UK imports and exports falling over the last couple of months, including a notable drop in imports from China.”

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