Jul 14, 2020

UK economy shrinks by one-fifth under lockdown

The UK's economy shrank by 19.1% in the three months to May, as the full impact of lockdown was felt, the Office for National Statistics has said. The economy actually grew by 1.8% in May, but this was not enough to make up for the fall of 6.9% in March and the record 20.4% decline in April. Despite this, most of the economy was "In the doldrums", the ONS said. "The economy was still a quarter smaller in May than in February, before the full effects of the pandemic struck," said Jonathan Athow, deputy national statistician for economic statistics at the ONS. "In the important services sector, we saw some pick-up in retail, which saw record online sales. However, with lockdown restrictions remaining in place, many other services remained in the doldrums, with a number of areas seeing further declines." It came as sectors such as manufacturing, construction, DIY retailers and garden centres were allowed to reopen.

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