UK economy shows biggest drop in 40 years in early 2020
Topics: ECONOMY UK
Gross domestic product dropped by a quarterly 2.2% between January and March, the Office for National Statistics (ONS) said.
Tuesday’s figures which build on previously released data for the first quarter showed a surge in household saving as their spending collapsed by the largest amount, in cash terms, since records began in the 1950s.
The household savings ratio shot up to 8.6% in the first quarter from 6.6% at the end of 2019.
The ONS also said Britain’s current account deficit widened by more than expected in the first three months of 2020. ■