16.8 C
London
Sunday, July 5, 2020

UK suffered worst economic fall since 1979 at start of lockdown

- Advertisement -

Between January and March the economy contracted by more than first thought, dropping 2.2%, the Office for National Statistics has said (Picture: Getty)

The UK economy shrank by the fastest pace since 1979 in the first quarter of 2020 as coronavirus saw the country forced into lockdown.

Between January and March, the economy contracted by more than first thought, dropping 2.2%, the Office for National Statistics (ONS) has said.

Jonathan Athow, deputy national statistician at the ONS, said: ‘Our more detailed picture of the economy in the first quarter showed GDP shrank a little more than first estimated. This is now the largest quarterly fall since 1979.

‘Information from Government showed health activities declined more than we previously showed. All main sectors of the economy shrank significantly in March as the effects of the pandemic hit.

‘The sharp fall in consumer spending at the end of March led to a notable increase in households’ savings.’

Visit our live blog for the latest updates: Coronavirus news live

Previously, ONS found the economy shrank by 2% in the first quarter of the year – the fastest pace since the financial crisis in 2008. It has now revised that figure.

Get in touch with our news team by emailing us at webnews@metro.co.uk.

For more stories like this, check our news page.





Source link

- Advertisement -

Latest news

Kanye West announces that he’s running for president … and Elon Musk says the rapper has his vote

Kanye West announces that he's running for president on Twitter... and...
- Advertisement -

Bicyclist seriously injured in hit-and-run on Loveland Pass

The 52-year-old man was hit on the shoulder of Loveland Pass near Arapahoe Basin Saturday morning, CSP said. ...

Isaac Geralds finds love in heartbreak

The Project Fame alumnus and father of two releases his debut album entitled Love and Heartbreak.NINE years after appearing on ‘Project Fame’ and...

Saraki reacts as APC calls for his probe over links to Hushpuppi

Abubakar Bukola Saraki, former Senate President, has described as irresponsible and cheap politics on the calls for his probe, over alleged association with...

Kim Kardashian Reacts to Kanye West’s Plan to Run for President in 2020

Kim Kardashian is speaking out following her husband Kanye West‘s surprise announcement that he is going to run for President of the United States...

Related news

Kanye West announces that he’s running for president … and Elon Musk says the rapper has his vote

Kanye West announces that he's running for president on Twitter... and...

Bicyclist seriously injured in hit-and-run on Loveland Pass

The 52-year-old man was hit on the shoulder of Loveland Pass near Arapahoe Basin Saturday morning, CSP said. ...

Isaac Geralds finds love in heartbreak

The Project Fame alumnus and father of two releases his debut album entitled Love and Heartbreak.NINE years after appearing on ‘Project Fame’ and...

Saraki reacts as APC calls for his probe over links to Hushpuppi

Abubakar Bukola Saraki, former Senate President, has described as irresponsible and cheap politics on the calls for his probe, over alleged association with...

Illinois Reports 862 New COVID-19 Cases, 10 Deaths – CBS Chicago

CHICAGO (CBS) — The Illinois Department of Public Health on Saturday announced 862 new cases of COVID-19, and 10 new deaths. The new figures...

Kanye West tweets that he is running for president

Kanye West says he is running for president.The music mogul made the announcement in a tweet, writing, 'We must now realize the promise...

Kanye West tweets that he is running for president

Kanye West says he is running for president.The music mogul made the announcement in a tweet, writing, 'We must now realize the promise...

Leave a Reply

%d bloggers like this: