It Has The Biggest Fall Of 41 Years

As a result of the coronavirus outbreak affecting the global economy, the British economy suffered the biggest drop in the past 41 years. According to the British National Statistical Office (ONS) data, the British economy contracted by 2.2 percent in the first quarter of 2020. The expectation for the impact of the epidemic on the economy was the contraction of the country's economy by 2 percent. Along with the first quarter data of the year announced, the British economy has recorded the strongest decline on a quarterly basis since 1979. The British economy shrank by 2 percent in the last quarter of 2019. ONS National Statistics Vice President Jonathan Athow, who made evaluations on the subject, said "There was a remarkable decrease in all main sectors in March. The sharp decline in consumer spending in March led to a remarkable increase in household savings. On the other hand, according to the latest data, the British economy contracted 6.9 percent in March.".