ONS:GDP falls by record 5.8% in March

Industry News | 13/05/20

GDP fell by 5.8% in March, the biggest monthly decline ever recorded by the ONS, as the impact of the Covid-19 outbreak hit the UK economy. GDP fell by 2.0% over Q1, the lowest rate since Q4 2008 during the financial crisis. When compared with the same quarter a year ago, UK GDP decreased by 1.6%, the biggest fall since Q4 2009, when it also fell by 1.6%. As Covid-19 caused widespread disruption to economic activity, services output fell by a record 1.9% in Q1 and there were also significant contractions in production and construction.

Source: Financial Reporter