Home Business GDP falls: What does a recession mean for the UK?

GDP falls: What does a recession mean for the UK?

The economy shrank by a huge 20.4 percent in April as shops and businesses closed, and workers ordered to stay at home.

Following on from the 5.8 percent decline in GDP seen in March, it means the UK has contracted by an estimated quarter in just two months – a historically unprecedented amount.

The Office for National Statistics (ONS) said all areas of the economy were hit, in particular, education, health, car sales, pubs and restaurants.

ONS statistician Jonathan Athow said the fall in April is “the biggest the UK has ever seen” and almost “10 times larger than the steepest fall pre-COVID-19.”.

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