from Statista.com
— this post authored by Martin Armstrong
It’s been a tough week of figures and forecasts for the UK economy. OECD projections for 2020 say the country’s productivity will be the hardest hit globally, while unemployment numbers showed a doubling in April for G7 countries. On top of that, the Office for National Statistics revealed Friday that UK GDP suffered a record decline from March to April.
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As our chart shows, there was a massive 20.4 percent drop in the first full month of lockdown, the largest monthly fall since such records began in 1997. Speaking on BBC Radio 4’s Today programme, deputy national statistician Jonathan Athow commented:
“If you take March and April together the fall was 25 per cent. So in two months the economy shrank by a quarter. The biggest fall we have seen before was just over 2 per cent – so it’s 10 times the size of the largest fall we have seen before the coronavirus. Virtually every sector has been shrinking.”
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