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UK economy around a quarter smaller than before pandemic

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Dion Global

15 Jul 2020

Official figures show that the British economy managed to eke out some growth in May as lockdown restrictions started to be eased, but that it remains around a quarter smaller than before the coronavirus pandemic.

The Office for National Statistics said Tuesday that the economy grew by 1.8% in May from the previous month. Despite this increase, the it is 24.5% smaller than it was in February, before the full impact of the coronavirus. In April alone, the economy shrank by a staggering 20.3%.

Jonathan Athow, Deputy National Statistician for Economic Statistics, said manufacturing and house building showed signs of recovery as some businesses saw staff return to work, while the crucial retail sector saw record online sales.

“However, with lockdown restrictions remaining in place, many other services remained in the doldrums, with a number of areas seeing further declines,” he said