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June 30, 2020UK GDP Q1 2020 (SECOND ESTIMATE) The Office for National Statistics' second estimate of UK Gross Domestic Product for Q1 2020 reports a decline of 8.5 per cent (seasonally adjusted annualized rate), compared to growth of 0.0 per cent in the fourth quarter of 2019. This was the joint-third largest quarterly decline on record, which signifies the imposition of public health restrictions and voluntary social distancing due to COVID-19. The growth rate for the first quarter was revised downward compared to the previous estimate. Compared to the first quarter of 2019, the UK GDP declined 1.7 per cent. In Q1, UK real GDP growth decline was attributable to the decline in output in March 2020 and final consumption. By industry, output declined in services, construction, and production industries.
The UK economy contracted by an unprecedented 20.4 per cent in April and 5.9 per cent in March which clearly showed the economic impacts of COVID-19. The industries most impacted by COVID-19 were retail, construction, manufacturing, accommodation and food services, and education. “Over the initial two-month period in which the effects of the coronavirus pandemic had been felt, the UK economy has contracted by around a quarter.”
Office for National Statistics
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