Market comment

UK GDP contracts by 5.8% in March


The news that UK GDP fell by 5.8% in March was not as bad as the 8% decline expected, but still points to an unprecedented 20%+ fall in activity in April given the lockdown was imposed on March 23rd. Activity in many service sectors collapsed in March — accommodation (-46%), air transport (-44%), food services (-25%), wholesale and retail trade (-34%) — with worse to come in April.

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May 13 2020, 08:50 IST/BST