LONDON (REUTERS) - Britain's economy shrank by a record 5.8 per cent in March from February as the coronavirus crisis escalated and the government ordered a shutdown of much of the country to stop the spread of the virus, official data showed on Wednesday (May 13).. Read more at straitstimes.com.
LONDON - Britain's economy shrank by a record 5.8 per cent in March from February as the coronavirus crisis escalated and the government ordered a shutdown of much of the country to stop the spread of the virus, official data showed on Wednesday .
That was the largest quarter-on-quarter fall since the end of 2008, during the depths of the financial crisis, though slightly smaller than the average 2.5 per cent forecast in a Reuters poll of economists. Figures for April are likely to show a bigger fall in British economic output than in March because the entire month was spent under lockdown by British companies and consumers.
Last week, the Bank of England said Britain's economy could be heading for its sharpest annual slump in GDP in more than 300 years, saying a 14 per cent fall was possible, followed potentially by a 15 per cent rise in 2021.
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