11-July-2020
Economy News
 
UK economy hit by sharpest fall in 41 years amid Covid-19 crisis
30-Jun-2020

Britain’s economy contracted by 2.2% in the first three months of 2020 – its sharpest decline in more than 40 years – as the immediate impact from the Covid-19 pandemic provided an even more severe hit to output than first thought. Fresh data from the Office for National Statistics showed that gross domestic product fell by 6.9% in March, even though the government-imposed lockdown only came into force with nine days left of the month. Original estimates by the ONS had shown that the economy shrank by 2% in the first quarter as a whole and by 5.8% in March. New evidence found, however, that the closure of bars, restaurants and shops had an even bigger impact on consumers than the ONS had estimated. The 2.2% drop was the joint biggest since the third quarter of 1979.

News Source:- https://www.theguardian.com/business/2020/jun/30/uk-economy-fall-covid-19-gdp-figures-coronavirus-pandemic