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Slow recovery from 20 per cent output contraction
The economic outlook for the UK remains extremely uncertain and depends critically on how well Covid-19 is managed, amid the re-opening of the economy. The economic environment is precarious as GDP fell by almost 20 per cent in the three months to May. The closure of businesses, construction sites, and factories halting production to contain the spread of the virus caused GDP to collapse at an unprecedented rate. The first quarter of 2020 saw output decline by 2.2 per cent, the sharpest decline in over 40 years. The anticipated decline in the second quarter has pushed the economy into a deep recession, the first ... (full story)