UK economy faces 30% contraction in Q2

Financial data graph abstract

The UK economy could be heading for a contraction of as much as 30% of GDP in the second quarter of 2020, according to estimates based on new growth figures released today (May 13).

The National Institute of Economic and Social Research (NIESR) released an estimate suggesting growth would contract in Q2 by 25–30%, extrapolating from data released by the Office for National Statistics.

The ONS’s first estimate of Q1 GDP, published today, finds growth had contracted 2% year on year over the

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