Economy

UK economy in biggest quarterly decline since 1979

Contraction was 0.2% steeper than expectations.

UK’s gross domestic product slumped by 2.2% during the first three months of this year according to data released by The Office for National Statistics.

The 2.2% contraction is the largest fall recorded in over 20 years – since 1979 to be more precise.

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The recorded fall is also larger than original expectations from The Office for National Statistics – it had originally estimated a fall of 2 percent.

Output within the services sector was among the hardest hit – contracting 2.3% – mostly due to declines in areas such as retail trade and travel agencies. However, computer programming was an area that shown output increasing.

Alarmingly, the the contraction is only reflective of a few days of lock down in March – so the rate of contraction looks set to accelerate when the next GDP figures are released.

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