The UK economy contracts at record pace in March

The UK economy has shrunk at a record monthly pace of 5.8% in March, contributing to the -2% fall in gross domestic product for the first quarter of 2020, the largest fall since the 2008 financial crisis. The sharp fall in GDP came in the month when the UK government began to enforce strict lockdown measures in an attempt to contain the spread of the coronavirus, which caused a major downturn in economic activity and demand. Sectors which contributed the most to the fall include services, construction and hospitality. On a slightly more positive note, the first quarter contraction was less than expected by the Bank of England, who expected a 3% decline in output, and also less than the 3.8% decline in the eurozone economy.