The UK economy shrank 5.8% in March, the fastest drop in history — and it's only going to get worse

Reuters

• The UK's economy shrank at the fastest rate since the 2008 financial crisis in the first three months of 2020, the Office for National Statistics said Wednesday.
• In March alone, gross domestic product fell by 5.8%, the biggest single month since comparable records began/
• "It is a sledgehammer," said Connor Campbell, a financial analyst.
• "However, that is almost purely down to when lockdown was implemented rather than any actual outperformance, meaning even more pain is going to be felt in Q2."
• Visit Business Insider's homepage for more stories.

UK's economy shrank at the fastest pace since the global financial crisis in the first quarter of 2020, according to data released Wednesday by the country's statistics authority.

The Office for National Statistics (ONS) said UK's gross domestic product fell by about 2% in the first quarter, followed by flat GDP in the fourth quarter of 2019.

See the rest of the story at Business Insider

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• The historic 20.5 million jobs lost in April is just the beginning. How the coronavirus recession could devastate employment across the US economy.
• 'Painfully evident' damage: Deutsche Bank now thinks the US economy will shrink by nearly 40% in the 2nd quarter following coronavirus lockdowns

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