UK economy shrinks by 2% in first quarter, with record contraction in March

A man walks past closed shutters though the Indian community of East Ham in London, Britain. EPA-EFE/ANDY RAIN

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Britain’s economy contracted by 2% in the first quarter of 2020, compared to the fourth quarter of 2019, according to GDP data released on Wednesday by the UK’s Office for National Statistics.

“This release captures the first direct effects of the coronavirus (COVID-19) pandemic and the government measures taken to reduce the transmission of the virus,” the ONS said.

The UK’s GDP contracted by 5.8% in March alone, the biggest monthly fall since the data series began in 1997, the ONS said.

Via Reuters

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