6/12, 8:01 AM (Source: TeleTrader)
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UK GDP drops 10.4% in quarter ending April

The United Kingdom's gross domestic product (GDP) slumped 10.4% in three months ending April, marking the biggest fall in the country's history, according to a monthly estimate released by the Office for National Statistics on Friday. On a monthly basis, GDP plummeted 20.4% in April, the steepest drop on record.

The construction sector recorded a drop of 18.2% in the quarter to April, while the UK services sector activity went down by 9.9% over the same period. The production sector contracted 9.5% in three months ending April.

"Virtually all areas of the economy were hit, with pubs, education, health and car sales all giving the biggest contributions to this historic fall. Manufacturing and construction also saw significant falls, with manufacture of cars and housebuilding particularly badly affected," Deputy National Statistician for Economic Statistics Jonathan Athow commented on the results.

Breaking the News / GA