CNBC Indonesia – Pandemic corona (COVID-19) causes problems for the British economy. Even in March 2020, the kingdom’s economy contracted -5.8%.
This makes the UK GDP in the first quarter of 2020 contracted -2% from the previous quarter in 2019 (QoQ). This latest data is the worst QoQ decline though better than Reuters economists predicted earlier -2.5%.
The UK also recorded fewer decreases compared to Eurozone GDP, in general. Where in January to March 2020, GDP fell 3.8%.
“The speed and scale at which the corona hit the British economy is unprecedented,” said the Head of Economics at the British Chambers of Commerce, Suren Thiru.
“The decline in Q1 is likely to be followed by further contraction in economic activity in Q2.”
Last week, the Bank of England said the kingdom’s economy could head for the sharpest annual decline in more than 300 years. But the economy could experience a 15% increase in 2021.
Corona virus makes Britain lockdown (lockdown). Community activities are also very limited.