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Coronavirus: UK economic hit worst than first thought

Added 06-30-20 03:04:03am EST - “The economy contracted by more than first estimated between January and March, revised figures show.” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “Coronavirus: UK economic hit worse than first thought”. Below is an excerpt from the article.

The UK economy shrank more than first thought between January and March, contracting 2.2% in the joint largest fall since 1979, official figures show.

The Office for National Statistics (ONS) revised down its initial estimate of a 2% contraction, with all the main economic sectors dropping.

There was a significant economic impact in March, as the coronavirus pandemic began to have an effect.

Jonathan Athow, deputy national statistician at the ONS, said: "Our more detailed picture of the economy in the first quarter showed GDP shrank a little more than first estimated.

The first-quarter contraction is now the joint biggest drop since the July-to-September period in 1979.

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