Unic Press UK: According to the Office of National Statistics (ONS), the UK’s economy shrank by more that a fifth between March/April this year 2020; and this decline is linked to the negative impact of the Government-imposed restrictions to tackle the COVID-19 pandemic that triggered a noticeable decline in both business/economic activities.
This 20.4% fall in Gross Domestic Product (GDP) is “equivalent to a fall of approximately £30 billion in Gross Value Added” the ONS said.
The other main points on Coronavirus and the impact on output in the UK economy are:
- The economy has experienced a significant shock since the start of the coronavirus (COVID-19) pandemic; GDP has fallen dramatically, with record broad-based falls in output for production, services and construction.
- Analysis of our Monthly Business Survey (MBS) returns and external data, including comments from over 15,000 businesses, has shown that the coronavirus (COVID-19) had a significant and wide-ranging negative impact on output during April 2020.
- April 2020 has experienced sharper falls than March as the negative impacts of social distancing and “lockdown” have led to a significant fall in consumer demand and business and factory closures, as well as supply chain disruptions.
