UK GDP was finalized at -2.2% qoq in Q1, worse than initial estimate of -2.0% qoq. That’s the largest decline since Q3 1970, which also fell by -2.2% qoq. Over the year, GDP decreased by -1.7% yoy, revised down by -0.1%. Looking at some details, services output fell by a record -2.3%. Household consumption declined by -2.9%, revised downward by -1.2%, a record decline.
Jonathan Athow, deputy national statistician at the ONS, said: “Our more detailed picture of the economy in the first quarter showed GDP shrank a little more than first estimated. Information from government showed health activities declined more than we previously showed. All main sectors of the economy shrank significantly in March as the effects of the pandemic hit.”
