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UK Economy shrinks 1/5th in the first three months of lockdown

UK Economy shrinks 1/5th in the first three months of lockdown

July 14, 2020: The UK economy shrank by a fifth in the first three months of the lockdown. The UK Economy dropped in the month of April by 20%. The country has tried to find reasons to overcome the situation by adding more jobs and opening small businesses this month.

The major part of the jobs lost in this pandemic is from the small and medium-sized companies, the restaurant jobs, saloon jobs, retail outlet jobs, etc. This shut down of major small businesses has hit the economy in an unrecoverable way at-least for the next year.

The first full month in April has dropped the economy by 20.1%, 6.9% in the month of March. In the last three months, the economy has down by 19.1%.

Online retail saw a drastic growth as people remained to stay indoors and use the online platform to order the essentials. The opening of the Construction and Manufacturing industry helped to see a slight growth of 8% in the latter days of May month.

With the lockdown in place currently, the 1.8% growth in the month of May would not help any further help. However, many of the small sector businesses remain close in current situations.

Experts and agencies advised seeing a slight growth upward in the economy. However, it would be too early to disclose the information now. We may see a better comeback in the economy as many of the companies are re-opening and, people are back to work with necessary precautions.

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