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UK GDP falls 2.2% in Q1

The United Kingdom gross domestic product (GDP) dropped 2.2% in the first quarter of 2020 due to the coronavirus outbreak, according to a revised estimate released by the country's Office for National Statistics (ONS) on Tuesday.

The figure was revised downward from the previous estimate of a 2% decline and marks the joint largest quarterly contraction of the UK economy since 1979.

The services sector saw a record output drop of 2.3%, while production and construction also provided negative contributions to growth.

On an annual basis, the UK GDP was down 1.7% from the first quarter of 2019.

Breaking the News / NP