7/14, 8:11 AM (Source: TeleTrader)
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UK GDP drops 19.1% in three months to May

The United Kingdom gross domestic product (GDP) dropped 19.1% in the three months to May amid the coronavirus outbreak, according to an estimate released by the country's Office for National Statistics (ONS) on Tuesday. The figure compared to falls of 10.8% in April and 2.2% in March.

On a monthly basis, GDP increased by 1.8% in May, but output failed to recover from the previous two months.

The construction sector recorded a drop of 29.8% in the quarter to May, while the UK services sector activity went down by 15.13% over the same period. The production sector contracted 15.5% in three months ending May.

Breaking the News / VP