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Q1 GDP Down 2.0% Amid Covid-19 crisis.......>

UK DATA
MNI (London)
UK DATA: Q1 GDP Down 2.0% Amid Covid-19 crisis
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-Q1 GDP -2.0% Q/Q; -1.6% Y/Y, Q4 +0.0% Q/Q; +1.1% y/y 
-Q1 BUSINESS INV 0.0% Q/Q, +0.7%Y/Y; Q4 -0.5% QQ, +1.8%YY 
-Q1 CONSUMER SPENDING -1.7% Q/Q, -1.0% Y/Y 
-Q1 GOVT SPENDING -2.6% Q/Q, -0.1% Y/Y
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The UK economy contracted by 2.0% in Q1 following a flat reading in Q4, slightly
above market forecasts of -2.5%. This marks the lowest reading since Q4 2008.
The annual growth rate slumped by 1.6% after Q1's deceleration, the lowest YY
read since Q4 2009. Meanwhile, M/M GDP plummeted by 5.8%, the biggest decline on
record. Household consumption plunged by 1.7% q/q, its largest decline since Q4
2008 and business investment showed no growth in Q1. Government consumption fell
by 2.6% in Q1, the largest fall since Q2 2012. Net trade subtracted 1.69pp of
economic growth in the first quarter.
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com

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