UK economy shrinks by 20.4% in April
During the first full month under lockdown the UK economy has shrunk more than 20%. Figures released by the Government show that this is the worst decline every recorded in history.
"April's fall in GDP is the biggest the UK has ever seen, more than three times larger than last month and almost 10 times the steepest pre-COVID-19 fall," Jonathan Athow, deputy national statistician for Economic Statistics, said in a statement. "In April, the economy was around 25 percent smaller than in February."
Data from the Office of National Statistics (ONS) show that all sectors of the economy have been hit by the lockdown measures put in place with the food and beverage sector reporting a decline of 40.9% making it the sharpest decline of all the economical sectors in the UK
"Virtually all areas of the economy were hit, with pubs, education, health and car sales all giving the biggest contributions to this historic fall," Athow said. "Manufacturing and construction also saw significant falls with manufacture of cars and housebuilding particularly badly affected."
All of this follows on from a drop of 5.8% during March taking the total decline to 26.2% meaning that over 1/4 of the national economy has gone. This is not to say that it will remain here forever and once the lockdown is lifted we should expect to see a reverse on this however, this decline should be a worry to everyone who thinks that you can pause the economy like a game and once you click play everything will return as it was.