Britain’s economy shrank two percent in the first three months of the year, rocked by the fallout from the coronavirus pandemic, official data showed Wednesday, with analysts predicting even worse to come.
Gross domestic product shrank in the first quarter compared with the prior three months in the largest slump since the global financial crisis in the fourth quarter of 2008, the Office for National Statistics revealed.
Economic output dived by a record 5.8 percent in March from the previous month, the ONS noted in especially grim news which sent the London stock market down more than one percent in early deals.