The UK economy shrank even more sharply in the first quarter than was initially reported. In a final measurement, the UK National Statistical Office is now noticing a shrinkage of 2.2 percent from the previous quarter.
In a previous estimate in May, the statistics agency indicated that the British gross domestic product had shrunk by 2 percent. Due to the restrictive measures introduced in March due to the new coronavirus, much of the economy has come to a standstill, as in other countries. On an annual basis, there was 1.7 percent economic contraction, compared to the previously reported 1.6 percent contraction.