The big shutdown: tracking Britain’s Covid-19 slump in real time
by Phillip Inman from Economics | The Guardian on (#5213A)
It may be months before official figures reveal the extent of decline - so analysts are using proxy data to measure it
Britain's economy contracted in February, sending the first signals of a downturn that is expected to quickly turn into a slump. According to last week's official figures, the UK's national income, or gross domestic product (GDP), fell by 0.1%.
Even though the Covid-19 virus had yet to take hold in the UK and the government lockdown was several weeks away, the economy was hit during the month by heavy rainfall, which closed building sites and discouraged consumers from venturing out.
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