UK economy shrinks by record 20.4pc in April

• Tuesday, June 16, 2020
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[Ferro-Alloys.com] The UK economy suffered its biggest monthly contraction on record in April, with the country's GDP shrinking by a fifth during the first full month of its Covid-19 lockdown.

 

The 20.4pc month-on-month fall in April's GDP is three times larger than the decline during the whole of the economic downturn of 2008-09, according to the Office for National Statistics (ONS). The dramatic drop reflects "record broad-based falls in output for production, services and construction", the ONS said.

 

UK oil products output in April fell to its lowest level since at least September 2016 to just 3.4mn t, according to the UK's submission to JODI, while UK oil products demand halved from a year earlier.

 

The OECD said earlier this week that the UK is likely to be the hardest hit by Covid-19 of all the major economies, with GDP forecast to slump by 11.5pc this year.

 

The UK went into full lockdown on 23 March. Restrictions have begun to be eased in recent weeks.

 

Source: Argusmedia

 

 

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