British economy contracted 2.2 percent in first quarter this year, biggest
contraction since 1979, where the reading only captured the first impact of the
had predicted no revision of 2 percent drop, following a stall in last quarter
a year earlier, the economy slumped 1.7 percent, revised downwardly from -1.6
percent, while the previous reading was 1.1 percent growth.
output plunged by a record 2.3 percent in the January-March quarter, while
household spending also experienced a sharp fall.
consumption spending decreased by £9.5 billion (negative 2.7%) in Quarter 1
2020, the largest quarterly fall in nominal household spending of this type
ever recorded,” the ONS said.
At press time, the
GBPUSD traded lower for a third straight session at 1.2284, hovering near its
lowest level since May 28.