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.

Embed from Getty Images

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.

Add Comment

Click here to post a comment

Let's Talk

Buying Tremor SharesYou should have trusted your instinct- easy to say now I suppose. … Read More
Omega very bullishBullish? Looks sheepish now! Read More
Surely Amigo won't go bustErr looks like the the judge man doesn't care, Amigo better p … Read More
Argo shares back to the moooooon? …I actually like that its main listing is in London, less competiti … Read More
What shares do you think could go …SNG after today's news. If they can get this out anytime soon … Read More
Hey, profit awaits! Free Sharebuyers Newsletter

Receive hot tips you can profit from - only sent when it matters. Twitter: @ShareBuyers.