That poses a renewed challenge to the economy here as the pandemic hit to the UK will be harder in April. Despite its declining economic importance to the State, the UK still accounted for €15.7bn of goods exports last year or more than 10pc of the total, as well as €27bn in services exports. "Admittedly, the UK economy appears to be faring a bit better than other countries, since it contracted by 'only' 2pc quarter on quarter in Q1 - compared to France's 5.8pc, Spain's 5.2pc and Italy's 4.7pc falls," said Ruth Gregory, senior UK economist at Capital Economics. The UN's trade body said that the coronavirus pandemic had cut global trade values by 3pc in the first quarter of this year. A survey by the Institute of Directors Ireland today showed that business leaders were pessimistic about prospects in export markets.

Source: Irish Independent May 14, 2020 01:30 UTC