UK economy dropped 2.2% in first three months of 2020 – the largest fall since 1979

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THE UK economy dropped by 2.2 per cent in the first three months of the year in the join largest fall since 1979, the Office for National Statistics (ONS) has said.

It fell by 0.1 per cent more than had been predicted, and down 1.7 per cent compared to the same three months last year.

GDP fell by 2.2 per cent in the first quarter of 2020

The latest figures show the first direct effects of the coronavirus pandemic but not the full impact of lockdown.

Household spending was down by 2.9 per cent between January and March this year, down by 1.2 per cent from what experts had estimated.

It’s the worst decline in household spending since 1979.

Jonathan Athow, deputy national statistician at the ONS, said: “Our more detailed picture of the economy in the first quarter showed GDP shrank a little more than first estimated.

“This is now the largest quarterly fall since 1979.

“Information from Government showed health activities declined more than we previously showed.

“All main sectors of the economy shrank significantly in March as the effects of the pandemic hit.

“The sharp fall in consumer spending at the end of March led to a notable increase in households’ savings.”

More to follow…

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Did you miss our previous article…
https://www.hellofaread.com/money/think-ahead-and-shop-for-christmas-gifts-now-to-save-time-and-get-great-bargains/

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