Economy

UK economy tanks 20% in April, three times worse than biggest decline in financial crisis

The UK’s GDP sunk by 20.4% in April, representing the biggest ever fall since records began in 1997 data from the Official for National Statistics has revealed.

UK’s fall in economic output was not only the worst since records began in 1997, but it was more than three times worse than the peak decline of 6.9% recorded during the peak of the financial crisis (recorded from the peak in February 2008 to the lowest point in March 2009).

The decline also worryingly is also nearly four times worse than the negative 5.8% decline recorded during March 2020.

Services as a sector also saw output fall by 19% – setting another unwanted recorded of the biggest fall since records began – yup, you guessed it since 1997.

11 out of 14 service sectors saw their largest falls in output – real estate, education and ‘activities of households as employers’ were the only ones that have seen weaker or equal falls previously.

They say a picture is worth a 1,000 words so we’ll leave sign-off with this…

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