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5/13, 8:01 AM (Source: TeleTrader)
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UK GDP drops by 2% in Q1

The gross domestic product (GDP) of the United Kingdom dropped 2% in the first quarter of 2020, according to a preliminary report released by the country's Office for National Statistics (ONS) released on Wednesday. The report noted the economy started to contract due to the coronavirus outbreak.

"With the arrival of the pandemic nearly every aspect of the economy was hit in March, dragging growth to a record monthly fall," deputy national statistician for economic statistics, Jonathan Athow, stated.

The ONS stressed that most sectors fell substantially, with services and construction recording record declines. The only industries that registered growth were IT support and manufacturing of pharmaceuticals, soaps, and cleaning products.

On a monthly basis, the GDP plunged by a record 5.8% in March.

Breaking the News / NP