A record monthly plunge in activity meant the UK economy contracted by 2 percent in the first quarter, according to official figures. Ruth Gregory, UK economist at consultancy Capital Economics, said: “March’s GDP figures showed the UK economy was already in freefall within two weeks of the lockdown going into effect. The ONS’s deputy national statistician for economic statistics, Jonathan Athow, said: “With the arrival of the pandemic, nearly every aspect of the economy was hit in March, dragging growth to a record monthly fall. “Services and construction saw record declines on the month with education, car sales and restaurants all falling substantially. “The pandemic also hit trade globally, with UK imports and exports falling over the last couple of months, including a notable drop in imports from China.”

Source: The Standard May 13, 2020 08:37 UTC