The UK economy shrank by a record 5.8% in March. The contraction is the worst since monthly record keeping began in 1997, according to the UK Office for National Statistics.
London The UK economy shrank by a record 5.8% in March as the coronavirus caused huge swaths of the economy to seize up and the government imposed measures to contain the pandemic.
The contraction is the worst since monthly record keeping began in 1997, according to the UK Office for National Statistics. GDP for the first three months of the year fell 2% compared to the previous quarter, the sharpest decline since the global financial crisis. "With the arrival of the pandemic nearly every aspect of the economy was hit in March, dragging growth to a record monthly fall," said Jonathan Athow, an economic statistician at the Office for National Statistics.
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