UK GDP drops 5.8% in March to 'unprecedented' decline – POLITICO

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Accommodation and food services are the most affected.

Hit by the coronavirus pandemic, Britain's gross domestic product (GDP) fell 5.8% in March, the largest contraction in a month since records started more than 20 years ago.

Overall, the UK economy contracted by 2% in the first quarter of this year, according to The figures released by the National Statistics Office (ONS) on Wednesday, with the largest losses in March.

"In terms of scale, in terms of speed, this is unprecedented," said Jonathan Athow, director general of economic statistics at the ONS. Today’s BBC program Wednesday morning. ONS started record ing monthly figures in 1997.

"With the advent of the pandemic, almost every aspect of the economy was affected in March," said Athow.

The accommodation and food services sector was the most affected, with a 9.5% drop in the first quarter of 2020 after the closure of hotels and restaurants in response to the spread of the virus. Prime Minister Boris Johnson called for a voluntary end to "non-essential" contact with others on March 16, followed by mandatory shutdown on March 23.

Very few industries grew during the quarter, although "there were a few, including IT support and the manufacturing of pharmaceuticals, soaps and cleaning products" said Athow.

"The pandemic has also affected world trade, with British imports and exports falling in recent months, including a notable drop in imports from China," he added.