Britain's economy shrank by a record 5.8% in March from February as the coronavirus crisis escalated and the government ordered a shutdown of much of the country to stop the spread of the virus, official data showed on Wednesday.
FILE PHOTO: General view of the Canary Wharf financial district, following the outbreak of the coronavirus disease , in London, Britain, May 5, 2020. REUTERS/Marika Kochiashvili
In the first three months of the year, gross domestic product contracted by 2.0% from the last three months of 2019, the Office for National Statistics said. It was also a smaller fall than a 3.8% slump in GDP in the euro zone in the January-March period although several countries in the single currency area began their lockdowns before Britain.
“The speed and scale at which coronavirus has hit the UK economy is unprecedented and means that the Q1 decline is likely to be followed by a further, more historically significant, contraction in economic activity in Q2,” Suren Thiru, head of economics at the British Chambers of Commerce, said.
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