UK GDP contracted -2.0% qoq in Q1, matched expectations. That’s the largest decline since Q4 2008. Annually, GDP dropped -1.6% yoy, largest fall since Q4 2009. Services output dropped -1.9% qoq, largest quarterly fall on record. Production output fell by -2.1% qoq, driven by declines in manufacturing. Construction output decreased by -2.6%.
In March, GDP contracted -5.8% mom, better than expectation of -7.0% mom. Services dropped -6.2% mom, production dropped -4.2% mom, manufacturing dropped -4.6% mom, construction dropped -5.9%, agriculture dropped -0.2% mom.
Also released, manufacturing dropped -4.6% mom, -9.7% yoy in March. Industrial production dropped -4.2% mom, -8.2% yoy. Goods trade deficit widened to GBP -12.5B.
