Weekly Economic and Financial Commentary – May 18, 2020
Reflecting the first direct effects of COVID-19, and the government measures taken to reduce transmission of the virus, UK GDP contracted by 1.6% YoY Q1 2020 representing the deepest decline in economic activity since Q4 2009 when it also fell by same rate. The GDP contracted by 2.0% when capered to Q4 2019. Over Q1, both services output and Household consumption fell by a record 1.9% and 1.7%.
There were significant contractions in production, construction, gross fixed capital formation, government consumption and trade volumes. March GDP fell 5.8%MoM, with record declines in service sector output and construction.
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