Britain’s economy shrank by a record 20.4% in April from March as the country spent the month in a tight coronavirus lockdown, official data showed on Friday in what is likely to be the bottom of the crash before a long and slow recovery.
In a slump that dwarfed previous downturns in Britain’s recent history, the Office for National Statistics also said the economy shrank by 24.5% compared with April last year.
“CORONAVIRUS IS HAVING A SEVERE IMPACT ON OUR ECONOMY”
Both readings were below the already unprecedentedly weak forecasts in a Reuters poll of economists. “Record GDP falls in today’s figures. When taking April and March together the economy is 25% smaller. The economy in April the same size as it was in 2002,” ONS statistician Rob Kent-Smith said on Twitter.
“In line with many other economies around the world, coronavirus is having a severe impact on our economy,” finance minister Rishi Sunak said.
Next week much of Britain’s retail sector is due to reopen as long as shops follow social distancing rules.