UK economy shrinks 20.4% during April lockdown

April’s decline follows a 5.8% contraction in March.

Official figures show that the British economy shrank by a colossal 20.4% in April, the first full month that the country was in its coronavirus lockdown.

The Office for National Statistics said Friday that all areas of the economy were hit, in particular pubs, education, health and car sales.

Jonathan Athow, deputy national statistician for economic statistics, said April’s fall is “the biggest the U.K. has ever seen,” and “almost 10 times larger than the steepest pre-COVID-19 fall.” April’s decline follows a 5.8% contraction in March.

In April, the economy was about a quarter smaller than it was in February.

The UK was put into lockdown on March 23 and restrictions are slowly being eased. On Monday, nonessential shops, such as department stores and electronic retailers, are due to reopen.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.