UK economy shrinks at fastest pace since financial crisis

Sun Online Desk

13th May, 2020 01:02:12 printer

UK economy shrinks at fastest pace since financial crisis

 

The UK economy shrank at the fastest pace since the financial crisis in the first quarter of 2020 as coronavirus forced the country into lockdown.

The Office for National Statistics said the economy contracted by 2% in the three months to March, following zero growth in the final quarter of 2019, BBC reported.

The decline was driven by a record fall in March, which reflects just one week of lockdown.

Analysts said the economy would suffer a bigger slump in the current quarter.

This is the first official growth estimate since the UK was put into lockdown at the end of March.

The drop was driven by a record monthly fall of 5.8% in March alone, according to the ONS.

 

 


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