UK economy shrinks more than expected in first quarter


Britain’s coronavirus-hit economy shrank by slightly more than expected in the first quarter be-fore a subsequent easing of lockdown restrictions, revised official data showed on Wednesday.

Gross domestic product contracted by 1.6 percent in the three months to the end of March, down from the previous figure of 1.5 percent, the Office for National Statistics (ONS) said in a statement.

“Today’s updated GDP figures show the same pic-ture as our earlier estimate with schools, hospitality and retail all hit by the re-imposition of the lock-down in January and February, with some recovery in March,” said ONS deputy national statistician Jonathan Athow.
“With many services unavailable, households again saved at record levels.” .”—AFP

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