UK GDP contracted -20.4% mom in April, even worse than expectation of -18.7% mom. That’s the worst level on record. Index of services dropped -19.0% mom. Index of production dropped -20.3% mom. Manufacturing dropped -24.3% mom. Construction dropped -40.1% mom. Agriculture dropped -5.5% mom.
In the rolling three months to April, GDP dropped -10.4%. Index of services dropped -0.90%. Index of production dropped -0.5%. Manufacturing dropped -10.5%. Construction dropped -18.2%. Agriculture dropped -2.1%.
Jonathan Athow, Deputy National Statistician for Economic Statistics, said: “April’s fall in GDP is the biggest the UK has ever seen, more than three times larger than last month and almost ten times larger than the steepest pre-covid-19 fall. In April the economy was around 25% smaller than in February. Virtually all areas of the economy were hit, with pubs, education, health and car sales all giving the biggest contributions to this historic fall. Manufacturing and construction also saw significant falls, with manufacture of cars and housebuilding particularly badly affected. The UK’s trade with the rest of the world was also badly affected by the pandemic, with large falls in both the import and export of cars, fuels, works of art and clothing.”
Also from UK, industrial production dropped -20.3% mom, -24.4% yoy in April. Manufacturing production dropped -24.3% mom, -28.5% yoy. Goods trade deficit narrowed to GBP -7.5B in April.
